Gangotri Iron and Steel Company Limited
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BSE Code:
530945
NSE Code:
Business Profile
Business Profile
Gangotri Iron & Steel Company (GANGOTRI) is engaged in the manufacture and marketing of steel and iron bars. It was incorporated on Dec. 07, 1992 and got its present name in 2000.
The ISO 9001:2000 and ISO 14001:1996 certified company manufactures twisted and TMT MS bars, wire rods, scrap rolls and value-added Thermax TMT bars. It has modernized and expanded capacity from 21,000 MT to 33,000 MT by adding new and balancing equipments at its plant in Patna, Bihar. The company markets its products under the brand name of GISCO. It has acquired 14 acres of land near Bihar to set up a new unit to manufacture approximately 300 MT of GISCO Thermex TMT bars and wire rods.
The registered office of the company is located at 307 Ashiana Towers, Exhibition Road, Patna-800001, Bihar.
Financials
Gangotri Iron & Steel Company registered a steep drop of 52.59% in net profit of Rs 1.74 million for the quarter ended September 2007 from a profit of Rs 3.67 million for the quarter ended September 2006.
Net sales rose 24.97% to Rs 93.58 million for the quarter ended September 2007 from Rs 74.88 million for the quarter ended September 2006.
Total income rose 24.41% to Rs 93.19 million for the quarter ended September 2007 from Rs 74.9 million for the quarter ended September 2006.
The earnings per share (EPS), of the company stood at Rs 0.25 for the quarter ended September 2007.
Recent Developments
20-AUG-07
On Aug. 16, 2007, the company increased the borrowing limit of the company upto Rs 1,00 million.
02-FEB-07
Gangotri Iron & Steel Company has informed BSE that the State Bank of India has sanctioned a total fund-based loan of Rs 457.10 lacs and non fund-based loan of Rs 45.2 lacs for it`s new project being put up at Bihata near Patna in Bihar.
12-JAN-07
Gangotri Iron & Steel Company has informed BSE that total land (approx 13 acres) has been acquired by the company for the upcoming Bihata project. The registered conveyance of the land in favour of the company has also been completed.
Future Plans
The Company has applied for approval of the Directorate General of Supplies & Disposals (DGS & D) and is expecting to get it shortly.
It is in the process of implementing its Greenfield Project at Bihta in Bihar with an installed capacity of 100,000 tons per annum.
It has already acquired substantial land and the preparatory civil works are in progress. The company is hopeful to commence production within a short period of time.