 "Gallantt Ispat hits lifetime high on expansion plans")
Gallantt Ispat has moved higher to hit its lifetime high of Rs 546, up 4% on the BSE, ahead of the board meeting tomorrow to consider expansion of units of the company.
“A meeting of the board of directors of the company will be held on April 05, 2016, to discuss, consider and approve the expansion of the units of the company,” Gallantt Ispat said in a statement.
In past one-month, the stock has outperformed the market by surging 40% as compared to 3% rise in the S&P BSE Sensex.
The Supreme Court’s order dated February 29, 2016, dismissing the Uttar Pradesh (UP) government’s special leave petition against the High Court order, which directed the state government to make a payment of capital subsidy, infrastructure subsidy, transport subsidy and other subsidies, if any as per the Heavy Industrial Investment Promotion Policy.
Gallantt Ispat said, after this judgment, no legal hurdles exist and the State Government of Uttar Pradesh is bound release and we, being entitled to receive capital subsidy, infrastructure subsidy, and transport subsidy and reimbursement of VAT amount already deposited with the State Government against interest free loan making a total disbursement of Rs 250 crore (approximately).
At 10:44 AM, the stock was up 3.5% at Rs 544 on the BSE. A combined 24,026 shares changed hands on the counter on the BSE and NSE.
“A meeting of the board of directors of the company will be held on April 05, 2016, to discuss, consider and approve the expansion of the units of the company,” Gallantt Ispat said in a statement.
In past one-month, the stock has outperformed the market by surging 40% as compared to 3% rise in the S&P BSE Sensex.
The Supreme Court’s order dated February 29, 2016, dismissing the Uttar Pradesh (UP) government’s special leave petition against the High Court order, which directed the state government to make a payment of capital subsidy, infrastructure subsidy, transport subsidy and other subsidies, if any as per the Heavy Industrial Investment Promotion Policy.
Gallantt Ispat said, after this judgment, no legal hurdles exist and the State Government of Uttar Pradesh is bound release and we, being entitled to receive capital subsidy, infrastructure subsidy, and transport subsidy and reimbursement of VAT amount already deposited with the State Government against interest free loan making a total disbursement of Rs 250 crore (approximately).
At 10:44 AM, the stock was up 3.5% at Rs 544 on the BSE. A combined 24,026 shares changed hands on the counter on the BSE and NSE.
