Gallant Ispat shares surge 5% on Rajasthan Iron Ore Block deal

Gallant Ispat saw its shares surge 5% to Rs 331, hitting the upper circuit on June 18, following its successful bid for the Todupura Iron Ore Block in Karauli, Rajasthan.

According to a regulatory filing, Gallant Ispat emerged as the lowest bidder in the Rajasthan iron ore block auction, offering a final bid that was 175% higher than the reserve price.


The company now plans to proceed with the necessary steps outlined in the tender documents to secure the Letter of Intent and all required clearances. Following this, Gallant Ispat aims to finalize the Lease Deed and Mine Development and Production Agreement (MDPA) to commence mining operations.

As of 2:47 PM, Gallant Ispat’s shares were trading 5% higher at ₹331.80 on the National Stock Exchange (NSE), reflecting investor optimism following the successful bid announcement.