Godawari Power & Ispat declined 3.70% to Rs 191.50 at 14:00 IST on BSE despite signing a memorandum of understanding with the government of Chhattisgarh for setting up cement plants and power plant in the state at a total cost of Rs 628 crore.
The company made this announcement during trading hours today, 2 July 2008.
The stock hit a high of Rs 200 and a low of Rs 185.25 so far during the day. The stock had a 52-week high of Rs 376.50 on 1 January 2008 and a 52-week low of Rs 145 on 2 July 2007.
The company has an equity capital of Rs 28.07 crore. Face value per share is Rs 10.
The current price of Rs 191.50 discounts its Q4 March 2008 annualised EPS of Rs 41.08, by a PE multiple of 4.66.
The project will be implemented through a special purpose vehicle (SPV) to be incorporated in due course after allotment of limestone mines by the state government.
In June 2008, Godawari Power & Ispat received the government’s approval for diversion of 106.60 hectare of forestland for Ari Dongri Iron Ore Mines in Bhanupratappur forest division in Kanker, Chhattisgarh.
Godawari Power & Ispat’s net profit rose 141.3% to Rs 28.83 on 139% increase in net sales to Rs 263.41 crore in Q4 March 2008 over Q4 March 2007.
The company is engaged in manufacturing steel intermediate products like sponge iron and ferro alloys and finished long steel products like billets, wire rods and mild steel wires, which find application in the construction and infrastructure sectors. The group operates in three segments namely steel, electricity and others.
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