The shares of this leading TMT bar manufacturer hit a 5% upper circuit to 333.25 per share after the company secured a bid for an iron ore block in Rajasthan.
Gallantt Ispat Ltd belongs to the small-cap category of stocks, with a market capitalization of ₹8,040 crores.
According to the company’s exchange filing, Gallantt Ispat Ltd was declared the successful “Preferred Bidder” for the Todupura Iron Ore Block in Karauli District, Rajasthan, under the Composite Licence for Limestone Blocks/2023-24.
The bid, submitted on May 02, 2024, through the MSTCT e-auction portal, offered the highest final price of 175.05%. Geological data shows the investigated area spans 260.71 hectares, with a total iron ore deposit of 85.42 million tons.
Gallantt Ispat’s revenue grew by 4.7% year-on-year, reaching ₹4,227 crore in FY23-24 from ₹4,035 crore in FY22-23. During the same period, net profit surged by 59%, rising from ₹141 crore to ₹225 crore.
Meanwhile, Gallantt Ispat Ltd’s shares soared by 193% in the past six months and by 469% over the last 12 months.
According to the recent shareholding pattern, the promoters hold 68.93 percent of the company, while retail investors hold 31.02 percent.
Gallantt Ispat Limited is a leading Iron and Steel Manufacturing Company that is engaged in the business of Iron & Steel, Agro, Power, and Real Estate.
The Company has an integrated steel plant in Gorakhpur, U.P spread over 112 acres of land to manufacture Sponge Iron, Mild Steel Billets, Re-Rolled products (TMT bars) and a Modern Roller Flour Mill unit. It also has a captive power plant of 53 MW.
In the most recent fiscal year, the firm exhibited a rise in profitability ratios, with a return on equity of 9.19 percent and a return on capital employed of 12.71 percent. while the company’s net profit margin stands at 5.33 percent.
Written by Omkar Chitnis
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