Godawari Power & Ispat Buyback plan

Godawari Power & Ispat galloped 6.19% to Rs 97 at 10:09 IST on BSE, after the company decided to consider buyback of equity shares.
The stock hit a high of Rs 105.95 and low of Rs 95.90 so far during the day. The stock has a 52-week high of Rs 376.50 on 1 January 2008 and a 52-week low of Rs 85 on 16 October 2008.
The company’s current equity is Rs 28.07 crore. Face value per share is Rs 10.
The current price of Rs 97 discounts the company’s Q1 June 2008 annualized EPS of Rs 54.22, by a PE multiple of 1.79.
Godawari Power & Ispat’s board will meet on 25 October 2008 to consider buyback of equity shares.
In September 2008, the company signed a memorandum of understanding with the state government of Chhattisgarh for setting-up a 1000-megawatt thermal power project.
In August 2008, the company signed a memorandum of understanding with the government of Chhattisgarh 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.
Godawari Power & Ispat will declare its Q2 September 2008 results on 25 October 2008. The company reported 81.7% surge in net profit 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.