Amid Monday’s sharp decline in the stock market, shares of Godawari Power & Ispat Limited (GPIL) are on investors’ radar following a key regulatory development. The iron and steel products manufacturer shared important information with investors on Sunday, March 1. In its latest exchange filing, the company stated that it received consent to operate at an increased capacity from the Chhattisgarh Environment Protection Board on February 28.
Under the approval, the capacity of the sponge iron division at its plant in the Silatra Industrial Area, Raipur, has been increased from 5.94 lakh tonnes per annum to 6.50 lakh tonnes per annum. Additionally, the capacity of the HB wire division has been raised from 1 lakh tonnes per annum to 1.15 lakh tonnes per annum.
No Additional Investment Required
The company highlighted that no additional investment or modification is required to commence operations at the enhanced capacity. Both units can begin operating at the revised levels with immediate effect.
Share Price Update
At last count, GPIL shares were trading at Rs 259.90 on the BSE, down 2.24 per cent, or Rs 5.95. On the NSE, the stock was trading at Rs 260.25, down 2.18 per cent, or Rs 5.80.
At the time of writing, the company’s market capitalisation stood at Rs 17,443.65 crore.
Broader Market Weakness
Meanwhile, benchmark equity indices Sensex and Nifty crashed in early trade on Monday, tracking a sharp spike in crude oil prices amid escalating tensions in the Middle East.
The 30-share BSE Sensex tanked 2,743.46 points, or 3.37 per cent, to 78,543.73 in early trade. The 50-share NSE Nifty tumbled 533.55 points, or 2.11 per cent, to 24,645.10.
On Friday, the Sensex tanked 961.42 points or 1.17 per cent to settle at 81,287.19. The Nifty tumbled 317.90 points or 1.25 per cent to end at 25,178.65.
Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,536.36 crore on Friday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 12,292.81 crore.
ALSO READ | YEIDA to develop several new sectors near Jewar Airport, acquires 2,700 acre of land
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
