India's Gallantt Ispat hits near 1-year high on deal to buy Railway Wagons

Gallantt Ispat

10/07/2023 06:21

** Shares of Gallantt Ispat  GALM.NS  rise as much as 10.2%
to 75.9 rupees, their highest since July 29, 2022
    ** Stock hits biggest intraday pct climb since Jan 20
    ** Co says it entered into an agreement with East Coast
Railway to buy and own Rail Wagons to get rid of wagons
shortfall with Indian Railways
    ** Says co is in process of acquiring two railway rakes
under the General-Purpose Wagon Investment Scheme of Railway
Board
    ** Stock on track to rise for a seventh straight session, if
trend holds
    ** Almost 647,000 shares change hands, 4.7X the 30-day
moving average
    ** Stock up 11.1% YTD, as of last close
    

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))