Gallantt Ispat rose 2.09% to Rs 504.30 at 12:43 IST on BSE after the company said it has acquired 2 crore equity shares of Surabhi Flour Mills from the latter's existing shareholders.
The announcement was made during market hours today, 31 March 2016.Meanwhile, the S&P BSE Sensex was up 74.71 points or 0.29% at 25,413.29.
On BSE, so far 17,000 shares were traded in the counter as against average daily volume of 20,873 shares in the past one quarter. The stock hit a high of Rs 505.50 so far during the day, which is a record high for the counter. The stock hit a low of Rs 494.50 so far during the day. The stock had hit a 52-week low of Rs 368 on 8 March 2016.
The small-cap company has equity capital of Rs 28.24 crore. Face value per share is Rs 10.
Post acquisition of shares, Gallantt Ispat holds substantial amount of shareholding in Surabhi Flour Mills and Surabhi Flour Mills has gained status of subsidiary of the company.
Gallantt Ispat's net profit rose 197.1% to Rs 8.17 crore on 19.6% growth in net sales to Rs 142.74 crore in Q3 December 2015 over Q3 December 2014.
Gallantt Ispat is engaged in the manufacture of all kinds of iron and steel products such as sponge iron, pellets, pig iron, cast iron, bars, rods, billets, captive power plant and wheat products.
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