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GG Engineering zooms on bagging orders worth Rs 21 crore for supplying Iron Raw Material

Aug-07-2023   11:21 Hrs IST

GG Engineering is currently trading at Rs. 1.14, up by 0.07 points or 6.54% from its previous closing of Rs. 1.07 on the BSE.

The scrip opened at Rs. 1.11 and has touched a high and low of Rs. 1.15 and Rs. 1.10 respectively. So far 4947629 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 3.16 on 13-Sep-2022 and a 52 week low of Rs. 0.74 on 31-Mar-2023.

Last one week high and low of the scrip stood at Rs. 1.25 and Rs. 1.06 respectively. The current market cap of the company is Rs. 99.38 crore.

The promoters holding in the company stood at 1.93%, while Non-Institutions held 98.07% stake in the company.

GG Engineering has won orders valued Rs 21 crore for supplying Iron Raw Material to prominent Industrial houses of repute consuming steel as the primary Raw Material. The company will be completing these supplies within next 30?45 days and is anticipating additional orders as well for Q3 of the current financial year.

The company has been working on a vertical integration strategy, expanding their role in the supply chain of the raw materials, as well as the sales of engineering products in the Steel including Heavy Steel business arenas. The company is eyeing gaining better control and economies in both upstream and downstream functions in the Value Chain. The company is also exploring and working on various viable options including alliances and acquisitions to fulfil the goals for achieving Backward as well as forward integration.

G.G. Engineering has been in the business of Quality Metal Products including Heavy Steel Products.