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Gallantt Ispat shares were trading 3 percent higher on August 31 after the company announced having received one out of the two railway rakes purchased from the East Coast Railway. The steel-maker on July 9 said it ordered two rakes worth Rs 55 crore to tide over the shortfall of rail wagons at its disposal. %u201CThe purchase is expected to ease the logistics of transferring iron ores from the point of origin to the company%u2019s steel manufacturing facility. Further, this purchase is expected to save 25% of the freight costs incurred by the company,%u201D it had said.
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