Gallantt Ispat hits the roof after being declared as successful bidder for Karauli iron ore block

Gallantt Ispat was locked in 5% upper circuit at Rs 15.80 after the company announced that it has been declared as a successful 'preferred bidder' in the auctions for granting the Composite License Iron Ore Block in the State of Raiasthan.

The e-auctions for the said block, which is located in Karauli district, were held and conducted by the State Government of Rajasthan on 02 May 2024 on MSTCT e-auction portal.

As per the terms of tender documents, the qualified bidder who submits the highest final price offer shall be declared as the successful 'preferred bidder immediately on conclusion of the e-auction.

The company had submitted and offered the highest final price offer of 175.05% to become a successful 'preferred bidder.

"As per topographical studies, the geological data and the structure indicate that the lron ore investigated area is 260.71 hectare and the total deposit of iron ore is 85.42 million ton," Gallantt Ispat said with respect to the iron ore block.

Gallantt Ispat is a leading manufacturer of thermo-mechanical treated (TMT) bars with a capacity of 950,000 TPA. The company has presence in key consumption states of Uttar Pradesh and Gujarat.

The companys consolidated net profit had risen 40.44% to Rs 95.39 crore on a 7.58% increase in sales to Rs 1,177.39 crore in Q4 FY24 over Q4 FY23.

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