Multibagger stock rises 7% on proposal for special dividend, sub-division of shares

Shares of Godawari Power & Ispat Ltd rallied 7% in the afternoon session today after the firm said it would consider sub-division of shares and giving special dividend on the occasion of 25th anniversary of the firm. Godawari Power stock zoomed 7.47% to Rs 1120 against the previous close of Rs 1042.10 on BSE. Market cap of the multibagger stock climbed to Rs 15,028 crore. Later, the stock ended 5.36% higher at Rs 1097.95.   

The multibagger metal stock has gained 282% in two years and risen 2290% in five years. 

The multibagger stock is trading neither in the overbought nor in the oversold zone, signals relative strength index (RSI) of the Godawari Power stock which stands at 41.9. Godawari Power shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages. Godawari Power stock has a beta of 0.6, indicating very low volatility in year.

Additionally, the firm said it would also consider and approve the un-audited standalone and consolidated financial results for the quarter ended on 30th June 2024 on August 7.

Also, the firm said on Friday it has received permission of the Chhattisgarh Environment Conservation Board for operating a 2 million tonne pellet plant for the expansion of iron ore pelletisation capacity from 2.7 to 4.7 MTPA. The pellet plant is proposed to be financed from internal accruals of the company and likley to be commissioned by Q1FY26

"We are pleased to inform you that the `Permission to Establish' for setting up 2 million ton Pellet plant for expansion of Iron Ore Pelletisation Capacity of the Company from 2.7 to 4.7 MTPA with associated facilities for manufacture of Pellets like ore grinding, beneficiation, coal gasification etc. at Siltara Industrial Area, Raipur, Chhattisgarh has been issued by Chhattisgarh Environment Conservation Board vide its letter dated 24.07.2024 received by the company on 26.07.2024. As communicated earlier the pellet plant is proposed to be financed from internal accruals of the Company and the same is expected to be commissioned by QIFY26," said the firm in a communication to bourses. 

Godawari Power & Ispat is mainly engaged in Mining of Iron Ore and Manufacturing of Iron Ore Pellets, Sponge Iron, Steel Billets, Wire Rods, H.B. Wire and Ferro Alloys with generation of Electricity.