Team News Riveting
Raipur, June 14
The shares of Chhattisgarh-based Godawari Power and Ispat Limited (GPIL) hit a new high of Rs 1,492 after rallying over 18 per cent on the BSE in intra-day trade on Monday.
The surge was recorded after the company’s shareholders approved the proposal for divestment of its shareholding in Godawari Green Energy (GGEL), a material subsidiary of the company. The stock was trading higher for the seventh straight day and has skyrocketed 51 per cent in the past three trading days.
GGEL is a Special Purpose Vehicle (SPV) promoted by GPIL, a flagship arm of Chhattisgarh-based Hira Group of Industries, with an equity stake of 77.82 per cent on fully diluted basis. It had set up a 1×50 MW Solar Thermal Power Plant in Village- Nokh, Tehsil- Pokhran, Dist- Jaisalmer, Rajasthan and has been operating since June 2013.
In the last one fortnight, the market price of GPIL has jumped 64 per cent after the company posted a consolidated net profit at Rs 304 crore for the quarter ended March 2021 (Q4FY21), mainly on the back of higher revenues. It had a profit of Rs 34.22 crore in the year-ago quarter. The company’s total income rose 60 per cent year on year to Rs 1,264 crore in the quarter from Rs 788 crore in the same period a year ago.
The company had planned to set up of a captive Solar PV power plant of 250 MW capacity in Raigarh District of Chhattisgarh with a cost envisaged at Rs 750 crore. The project, which had received the board’s consent, would be funded mainly out of internal accruals and feed company’s existing plant situated at Silatra Industrial Area, Raipur.
