Godawari Power jumps 8% on the back of Rs 174-crore equity deal

Shares of Godawari Power jumped 8 percent on June 30, after exchange of equities worth Rs 174 crore. At 12:06pm, the stock was trading 5.89 percent higher at Rs 531.45 on the NSE.

According to a report from CNBC-TV18, around 2.4 percent equity of Godawari Power stock, about 33.5 lakh shares of the company, worth Rs 174 crore, changed hands today. The details about the participants of the deal are yet to be ascertained.

The company’s consolidated revenue from operations declined to Rs 1,316.59 crore from Rs 1,437.93 crore in the year-ago quarter last year. Profit from continuing operations came in at Rs 169.57 crore in the March quarter, down from Rs 406.52 crore in the year-ago period, the company said on May 20.

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Godawari Power’s iron ore mining volumes were down 15 percent YoY, while iron ore pellet production increased 8 percent to 6,62,200 MT. Iron ore pellet sales increased to 5,73,278 MT, up 13 percent YoY, while pellet and sponge realisation increased by 19 percent and 6 percent quarter on quarter to Rs 9,883 per ton and Rs 33,707 per tonne, respectively, but dropped 17 percent and 3 percent from the year-ago period.

The company commissioned a 30MW solar power plant at Bemetara on March 29, 2023 and has sought environmental approval from the environment, forest and climate change ministry to expand in ore mining capacity of Ari Dongri mines, the company said in its investor presentation.

Stock Performance

Godawari Power stock has given a return of 34.73 percent over the last six months. Thus, considerably outperforming the benchmark Nifty50 index which has given a return of 5.02 percent over the same duration.

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