Godawari Power & Ispat rose 2.74% to Rs 223.50 at 12:39 IST on BSE after the company signed a memorandum of understanding with the Government of Chhattisgarh for expansion programme.
The company announced this during market hours today, 11 August 2008.
The stock hit a high of Rs 228.80 and a low of Rs 217.20 so far during the day. The stock had hit a 52-week high of Rs 376.50 on 1 January 2008 and a 52-week low of Rs 149.05 on 24 March 2008.
From a recent low of Rs 199.85 on 30 July 2008, the stock has risen 11.83%. The small-cap scrip had underperformed the market over the past one month till 8 August 2008, gaining 9.43% compared to the Sensex’s return of 13.62%. It had however outperformed the market in the past one quarter, declining 1.72% compared to Sensex’s decline of 11.2%.
The company has an equity capital of Rs 28.07 crore. Face value per share is Rs 10.
The current price of Rs 223.50 discounts its Q1 June 2008 annualised EPS of Rs 54.22, by a PE multiple of 4.12.
The company plans to set up manufacturing facilities for sponge iron, pig iron, steel and a power plan under its expansion programme in the state of Chhattisgarh with proposed investment of Rs 1,570 crore.
The project shall be implemented through a special purpose vehicle Krishna Global Minerals which will be a subsidiary of the company.
The company’s net profit rose 81.7% to Rs 38.05 crore on 88.3% rise in sales to Rs 320.44 crore in Q1 June 2008 over Q1 June 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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