Gallantt Ispat surges on investing around Rs 300 crore in Pellet Plant unit
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Gallantt Ispat is currently trading at Rs. 70.10, up by 2.25 points or 3.32% from its previous closing of Rs. 67.85 on the BSE.
The scrip opened at Rs. 66.50 and has touched a high and low of Rs. 72.00 and Rs. 66.50 respectively. So far 30136 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 75.60 on 29-Jul-2022 and a 52 week low of Rs. 46.00 on 23-May-2023.
Last one week high and low of the scrip stood at Rs. 72.00 and Rs. 58.85 respectively. The current market cap of the company is Rs. 1710.44 crore.
The promoters holding in the company stood at 68.75%, while Institutions and Non-Institutions held 0.01% and 31.23% respectively.
Gallantt Ispat has invested an amount around of Rs 300 crore in the Pellet Plant unit having a capacity of 7,92,000 MTPA situated at Gorakhpur. The entire project cost has been funded through internal resources without availing any Term Loan from Financial Institutions/Banks. Pellet Plant being a backward integration will reduce the raw material cost which in turn will help to improve the profitability of the Company.
Gallantt Ispat manufactures Sponge Iron, Mild Steel Billets, Re-Rolled products (TMT bars) and a Modern Roller Flour.
