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GG Engineering Ltd’s shares went up by 19.49 per cent after the company announced an order worth ₹21 crore Rs for supply of iron raw materials to established industrial houses. The company targets backward and forward integration through partnerships, acquisitions, and alliances. The company is poised to fulfil the orders within 45 days.
The order marks the company’s venture into supply of vital steel products to the infrastructure development sector and may pave the way for its production of TMT bars, TOR steel, girders, and steel sections.
The company reported a 13 per cent decrease in profit for the quarter ended June 30, 2023, at Rs 51.09 lakh compared to Rs 58.77 lakh during the corresponding quarter last year. The company’s revenues were up by 56 per cent at Rs 18.94 crore, compared to Rs 12.12 crore last year.
The shares stood at Rs 1.41 at 09.59 am on BSE.
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