India's Gallantt Ispat to set up new kiln, hits record high

Gallantt Ispat

11/09/2023 09:42

** Shares of iron and steel manufacturing co Gallantt Ispat
 GALM.NS  rise as much as 6.65% to hit a record high at 102.65
rupees
    ** Co said its has approved setting up new direct reduced
iron (DRI) kiln having capacity of 165,00O MTPA at Gorakhpur
facility
    ** Adds, total investment towards the project at 1.25 bln
rupees ($15.09 million), expected to be operational in Q1 of
FY25
    ** Share price above 50-day, 100-day and 200-day exponential
moving averages since July 4, suggesting bullish trend
    ** More than 555,000 shares change hands by 1:57 p.m. IST,
1.5x 30-day avg
    ** Stock last up 5.2%, bumping YTD gains to about 63.3%



($1 = 82.8520 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))