Godawari Power & Ispat hit 5% upper circuit at Rs 130.20 at 9:58 IST on BSE after the company said that it received additional 28,700 metric tonnes of long-term coal linkage in coal linkage auction concluded on 16 October 2017 by Coal India.
The announcement was made after market hours yesterday, 16 October 2017. The stock was locked at 5% upper circuit at Rs 124 yesterday, 16 October 2017, ahead of the announcement.Meanwhile, the S&P BSE Sensex was down 45.27 points or 0.14% at 32,588.37. The S&P BSE Small-Cap index was up 45.72 points or 0.27% at 17,021.89, outperforming the Sensex.
On the BSE, 5,308 shares were traded in the counter so far as against average daily volume of 46,805 shares in the past one quarter. The stock was locked at a high of Rs 130.20 so far during the day. The stock had hit a low of Rs 129.90 in intraday trade. The stock had hit a 52-week high of Rs 138.10 on 8 August 2017. The stock had hit a 52-week low of Rs 54 on 21 November 2016.
The stock had underperformed the market over the past one month till 16 October 2017, falling 2.63% compared with the Sensex's 1.12% gains. The stock had, however, outperformed the market over the past one quarter, gaining 24.25% as against the Sensex's 1.91% rise. The scrip had also outperformed the market over the past one year, jumping 73.06% as against the Sensex's 17.92% rise.
The small-cap company has equity capital of Rs 35.24 crore. Face value per share is Rs 10.
Godawari Power said that the coal will be used in the company's sponge iron unit. With this additional quantity of coal linkage awarded to the company, the total coal linkage aggregates to 5.13 lakh metric tonnes.
On a consolidated basis, Godawari Power & Ispat reported net profit of Rs 6.84 crore in Q1 June 2017 compared with net loss of Rs 31.51 crore in Q1 June 2016. Net sales rose 35.9% to Rs 557.73 crore in Q1 June 2017 over Q1 June 2016.
Godawari Power & Ispat is a flagship company of Raipur-based Hira Group of Industries having dominant presence in the long product segment of the steel industry, mainly into mild steel wire. GPIL 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, steel wires, oxygen gas, fly ash brick and last but not the least iron ore pellets.
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