Godawari Power rises on buyback proposal

Godawari Power & Ispat advanced 1.54% to Rs 379.40 after the company announced that its board will meet on Saturday, 18 March 2023, a, to consider a proposal for buyback of fully paid up equity shares of the company.

The announcement was made after trading hours yesterday, 15 March 2023.

Godawari Power & Ispat has two captive iron ore mines, pellet plant and a vertically integrated steel plant in Raipur. The steel plant manufactures sponge iron, billets, MS rounds, HB wires, ferro alloys and pre-fab structures.

The company's consolidated net profit declined 60.98% to Rs 128.21 crore on a 8.94% fall in sales to Rs 1,462.99 crore in Q3 FY23 over Q3 FY22.

On the technical front, the stock's daily RSI (relative strength index) stood at 52.426. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On daily chart, the stock is trading above its 100-day and 200-day simple moving average (SMA) placed at 119.58, 347.34 and 312.41, respectively. It is, however, 50-day SMA positioned at 380.77.

In the past six months, the stock has gained 23.84% while the benchmark Sensex has lost 4% during the same period.

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