The Godawari Power & Ispat shares locked an upper circuit of Rs 20 per cent, and touched a new record high of Rs 1,508.4 per share on the BSE in intraday on Monday. The stock jumped over 52 per cent in the last three sessions and has been trading higher for the seventh straight day.
The shareholders of the company on Saturday approved a proposal for divestment of its shareholding in Godawari Green Energy (GGEL), a material subsidiary of the company.
GGEL is a Special Purpose Vehicle (SPV) promoted by GPIL with an equity stake of 77.82 per cent on a fully diluted basis, the company said in its filing to exchanges.
In the past two weeks, Godawari Power & Ispat shares soared 64 per cent amid a multi-fold jump in consolidated net profit at Rs 304 crore for the quarter March-ended quarter in the financial year 2021, as compared to Rs 34.22 per cent in the year-ago quarter.
The company’s total income rose 60 per cent year on year to Rs 1,264 crore in the quarter from Rs 788 crore in the same period a year ago.
Since March 12, 2021, the stock has zoomed 165 per cent after the company got approval from the Chhattisgarh Environment Conservation Board, Raipur for ‘consent to operate’ the enhanced capacity of iron ore pellet plant and consent to set up manufacturing facilities in other divisions.