Gallantt Ispat to consider stock split; stock ascends

Gallantt Ispat jumped over 9 per cent in the early trade on Wednesday after the company announced plans to consider splitting its equity shares.

The company has informed the exchanges that the board meeting of the company will be held on June 29, 2018 to decide and approve sub-division of equity shares of face value of Rs 10 each. The board will also be considering alteration of capital clause in memorandum of association of the company subject to the approval of the stakeholders.

The company also said that the trading window for dealing in the company’s securities will be closed for its officers, directors and designated employees from June 27 to July 1, 2018.

At 10:10 hours, Gallantt Ispat was trading at Rs. 273.40 per share, up Rs. 0.30 or 0.11 per cent on NSE. The scrip opened at Rs. 273.10 and touched an intraday high of Rs. 298 per share on NSE. The scrip has a 52-week high of Rs. 389 and a 52-week low of Rs. 183.55 per share on NSE. The stock attracted a trading volume of 10,403 shares on NSE on Wednesday.