Godawari Power gains after iron ore plant gets "Consent to Operate" from CECB

Godawari Power & Ispat rose 3.36% to Rs 1460.10 after the Chhattisgarh Environment Conservation Board (CECB) accorded its "Consent to Operate" for the enhanced capacity of iron ore beneficiation plant.

The Chhattisgarh Environment Conservation Board (CECB), Raipur has accorded its "Consent to Operate" for the enhanced capacity of iron ore beneficiation plant from 1,0,00,000 tons per annum to 32,84,000 tons per annum.

"The operations of the said beneficiation plant with the enhanced capacity are expected to be, commenced within a week's time from now," the company said in an exchange filing made during market hours today (19 July 2021).

Godawari Power & Ispat is an end-to-end manufacturer of mild steel wires. In the process, the company manufactures sponge iron, billets, Ferro alloys, captive power, wires rods (through subsidiary company), steel wires, oxygen gas, fly ash brick and iron ore pellets.

The company's consolidated net profit surged to Rs 326.95 crore in Q4 FY21 from Rs 33.37 crore in Q4 FY20. Net sales grew 60% YoY to Rs 1,262.25 crore during the quarter.

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