India's Gallantt Ispat up on over twofold growth in Q3 profit

Gallantt Ispat

17/01/2024 04:37

** Shares of iron and steel manufacturer Gallantt Ispat
 GALM.NS  up 1.1% after reporting strong Q3 profit growth
    ** Co late on Tuesday reported a more than twofold rise in
net profit at 519.8 mln rupees ($6.25 million)
    ** Steel segment, biggest contributor to rev, grew 5.6% Y/Y;
power segment more than doubled
    ** Stock above 200-day simple moving avg since July 2023,
and above 50-day avg since mid-November
    ** Stock surged 190% in 2023


($1 = 83.1250 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))