Gallantt Ispat is currently trading at Rs. 97.50, down by 3.18 points or 3.16% from its previous closing of Rs. 100.68 on the BSE.
The scrip opened at Rs. 102.85 and has touched a high and low of Rs. 103.86 and Rs. 87.70 respectively. So far 26869 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 103.86 on 12-Sep-2023 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. 103.86 and Rs. 87.70 respectively. The current market cap of the company is Rs. 2352.49 crore.
The promoters holding in the company stood at 68.79%, while Institutions and Non-Institutions held 0.01% and 31.20% respectively.
Gallantt Ispat has received approval to set up a new Direct Reduced Iron (DRI) Kiln having a capacity of 1,65,000 MTPA at the Company’s manufacturing facilities at Gorakhpur, Uttar Pradesh. The total investment towards the project which is expected to be operational in the first quarter of FY2025 is Rs 125 crore. The project will be fully financed out of internal accruals.
The new kiln will enable the Company to completely utilise the output of its pellet plant. It will also reduce wastage and enhance operational efficiencies. The pellet plant with a capacity of 7,92,000 MT commenced commercial operations in July 2023. It was set up to reduce any external dependence for pellets. Further, in an endeavour to enhance consumption of in-house produced pellets, the Company proposes to install an additional furnace of 30 ton per heat capacity. This furnace is expected to improve production capability by 15%. The installation of this furnace will cost around Rs 25 crore and it is expected to be operational in the beginning of calendar 2024. The Board of Directors of Gallant Ispat, at their meeting held on September 11, 2023 has approved the same.
Gallantt Ispat manufactures Sponge Iron, Mild Steel Billets, Re-Rolled products (TMT bars) and a Modern Roller Flour.
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