Godawari Power & Ispat rose 1.75% to Rs 69.90 at 14:11 IST after its captive power project won 1,59,926 carbon credits per annum from Germany.
The stock hit a high of Rs 71.90 and a low of Rs 64 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 57 on 2 December 2008.
The small-cap steel rods and pipes maker has an equity capital of Rs 28.07 crore. Face value per share is Rs 10.
The current price of Rs 69.90 discounts its Q2 September 2008 annualised EPS of Rs 45.30, by a PE multiple of 1.54.
The company's 25-megawatt captive power project will be entitled for the credits from 1 December 2008 to 30 November 2018, the company said in a statement.
Industries in developed countries buy carbon credits to meet their environment obligations under the Kyoto Protocol. Each unit of carbon credit represents a one metric tonne reduction in greenhouse gas emission.
Godawari Power & Ispat's net profit rose 48.3% to Rs 31.79 crore on a 86.1% rise in sales to Rs 331.61 crore in Q2 September 2008 over Q2 September 2007.
Godawari Power & Ispat 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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