Gallant Steel Share Price: On Tuesday, the shares of Galant Ispat, a listed company in the stock market, were hit by investors. On the second day of the week, the stock of this company touched the circuit above 5% and the price was Rs. reached 333.25. The stock also has a 52-week high. This rise in the stock is due to the huge success achieved by the company.
cause of rise
Gallant Ispat has emerged as the lowest bidder for the Todupura iron ore block in Karauli, Rajasthan. Gallant Ispat won the Rajasthan iron ore block auction by submitting the highest final bid of 175 percent, it said in a regulatory filing. The company will now proceed with the necessary steps in the tender documents to obtain letter of intent and all necessary approvals.
After this, the lease deed and Mine Development and Production Agreement (MDPA) can be finalized to start mining operations. Iron ore reserves in the state are about 85.42 million tonnes spread over an area of 260.71 hectares. Gallant Ispat has allotted a Rajasthan iron ore block to its Gujarat Steel unit.
stock performance
The company’s shares have been performing well since the beginning of the year and have gained 85 percent in the stock market. Talking about the shareholding pattern, 68.93 percent stake is held by the promoter. At the same time, 31.07 percent stake is held by public shareholders.
How is the stock market?
The Indian stock market has once again set a new record on Tuesday. On the second day of the week, BSE’s 30-share index Sensex rose 308.37 points, or 0.40 percent, to close at a new high of 77,301.14 points. The National Stock Exchange (NSE) Nifty also closed at a record high of 23,557.90 points, up 92.30 points or 0.39 per cent. Please note that local stock markets remained closed on Monday on the occasion of Eid-ul-Azha (Bakrid).