Godawari Power sizzles as board to mull bonus issue, stock split

Godawari Power & Ispat hit an upper circuit of 5% at Rs 1,097.05 after the company said that its board will consider a stock split and bonus issue of shares on Tuesday, 14 September 2021.

The company's board at its meeting scheduled on 14 September 2021, will consider sub-division of equity shares. It will also consider issuing bonus shares.

Further, the board will re-consider the scheme of arrangement of Godawari Power and Ispat with Jagdamba Power and Alloys.

Godawari Power & Ispat posted an 835.4% jump in consolidated net profit to Rs 434.87 crore on 66.9% rise in net sales to Rs 1,126.18 crore in Q1 FY22 over Q1 FY21.

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.

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