 "Gallantt Ispat rallies on board approves capex plan")
Gallantt Ispat has rallied 8% to Rs 587, also its lifetime high on the BSE, after the company said that its board has approved the capital expenditure (capex) plan of Rs 511 crore.
“In order to achieve projected sales and profitability targets, installed capacity of the existing plants is bound to be expanded. Management personnel of the company had approached the technical team for taking their advice on the expansion plan to be designed,” Gallantt Ispat said in a statement.
The project expansion shall be funded by internal accruals including amount of subsidy to be disbursed by the State Government to the company pursuant to the order passed by the Hon’ble Supreme Court of India dated February 29, 2016, it added.
The company said any short fall in financing shall be met out of the fresh infusion of equity capital or through availing of term loan from banker(s) and it shall be decide, from time to time as need arise.
In past one-month, the stock zoomed 55% from Rs 377 on March 8, as compared to 1% decline in the S&P BSE Sensex.
At 11:18 AM, the stock was up 7% at Rs 584 on the BSE. A combined 77,198 shares changed hands on the counter on the BSE and NSE.
“In order to achieve projected sales and profitability targets, installed capacity of the existing plants is bound to be expanded. Management personnel of the company had approached the technical team for taking their advice on the expansion plan to be designed,” Gallantt Ispat said in a statement.
The project expansion shall be funded by internal accruals including amount of subsidy to be disbursed by the State Government to the company pursuant to the order passed by the Hon’ble Supreme Court of India dated February 29, 2016, it added.
The company said any short fall in financing shall be met out of the fresh infusion of equity capital or through availing of term loan from banker(s) and it shall be decide, from time to time as need arise.
In past one-month, the stock zoomed 55% from Rs 377 on March 8, as compared to 1% decline in the S&P BSE Sensex.
At 11:18 AM, the stock was up 7% at Rs 584 on the BSE. A combined 77,198 shares changed hands on the counter on the BSE and NSE.