Gallantt Ispat tracks gains after receiving first of the 2 rail rakes

The steel-maker had in July ordered for two rakes, worth Rs 55 crore, to tide over the shortfall of wagons at its disposal. The company will use them to transport iron ore

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Gallantt Ispat shares were trading 3 percent higher on August 31 after the company announced having received one out of the two railway rakes purchased from the East Coast Railway.

The steel-maker on July 9 said it ordered two rakes worth Rs 55 crore to tide over the shortfall of rail wagons at its disposal. “The purchase is expected to ease the logistics of transferring iron ores from the point of origin to the company’s steel manufacturing facility. Further, this purchase is expected to save 25% of the freight costs incurred by the company,” it had said.

At 11.30 am, Gallantt Ispat was quoting at Rs 89, up Rs 2.10, or 2.42 percent on the NSE.

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In its results for the April-June quarter, the company reported a 1.46 percent year-on-year (YoY) rise in revenue from operations at Rs 1036 crore. Net profit for the quarter increased 24 percent YoY to Rs 31 crore. The operating profit margins for the quarter remained flat at 7 percent.

Gallantt Ispat, with its sole manufacturing facility in Gorakhpur, Uttar Pradesh, specialises in the production of sponge iron, mild steel billets and re-rolled products (TMT bars). The company also operates a power plant for its energy needs and boasts of a private railway siding for unloading crude ore.

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