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Gala Precision Engineering shares skyrocket 15% due to heavy volume
Source: Business Standard
Shares of Gala Precision Engineering climbed as much as 15.56 per cent to hit an all-time high of Rs 944.90 on the NSE today amidst heavy demand. A combined total of nearly 4.59 lakh shares worth around Rs 41.35 crore have exchanged hands on NSE and BSE on Wednesday.
On the NSE alone, the trading volume of Gala Precision Engineering jumped to 4,13,933, nearly 7 times its weekly average volume of 63,527, leading to a surge in the stock price.
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Gala Precision Engineering is a leading precision component manufacturer used in sectors like renewable energy, including wind turbines and hydropower plants, various industrial sectors such as electrical, off-highway equipment, infrastructure, and general engineering, and mobility segments such as automotive and railways. The company’s business mainly comprises the Springs Technology Division under which it manufactures disc & strip springs (DSS), including wedge lock washers (WLW), coil & spiral springs (CSS), and special fastening solutions (SFS), where it manufactures anchor bolts, studs, and nuts.
The company, as of October 16, 2024, commands a market capitalisation of Rs 1,168.24 crore on the NSE.
In Q2FY25, Gala Precision Engineering’s consolidated revenue from operations stood at Rs 53.17 crore, against Rs 46.38 crore reported in the corresponding quarter of FY24. The company’s consolidated total comprehensive income for the quarter ended June 30, 2024, was recorded at Rs 6.29 crore, compared to Rs 4.97 crore in the same quarter of the previous fiscal year.
Earlier, on September 9 this year, shares of Gala Precision Engineering made a robust debut on the NSE, listing at Rs 721.10, a premium of 36.31 per cent over their IPO issue price of Rs 529.
At around 2:41 pm on Wednesday, Gala Precision Engineering shares were quoted trading at Rs 922.05, up 12.77 per cent from its previous close of Rs 817.65.
The company’s shares have so far rallied 31.09 per cent from their listing price and 78.62 per cent from their IPO allotment price.
Shares of Gala Precision Engineering have a 52-week range of Rs 944.90 – Rs 682 on the NSE.
Meanwhile, the benchmark equity indices, BSE Sensex and NSE Nifty 50, are trading lower on Wednesday. The Sensex was quoted 258.15 points, or 0.32 per cent, lower at 81,561.97, and Nifty 50 at 24,988.35, down 69 points or 0.28 per cent.
First Published: Oct 16 2024 | 3:09 PM IST
