Shares of steel wire manufacturer Godawari Power and Ispat Ltd are in focus as the company has important updates regarding the execution of the supply agreement after market hours on Thursday. In its latest filing, the company stated that its wholly-owned subsidiary, Godawari New Energy Private Limited (GNEPL), has entered into a supply agreement with Shanghai Shenyi Roche Energy Technology Limited (Roche Energy). Under this agreement, Roche Energy will supply a 5 MWh DC block on a balance-of-system (CKD) basis for the first phase of GNEPL’s 20 GWh Battery Energy Storage System (BESS) plant in Sambhajinagar, Maharashtra. The agreement is based on commercial terms agreed between the two companies.
Cost-effective supply chain
The company stated that this agreement with Roche Energy will ensure a stable, reliable, and cost-effective supply chain for GNEPL, ensuring consistent quality. This deal is considered a major step towards BESS manufacturing.
Godawari Power and Ispat Share Price
The stock started the trading session in green today, even as benchmark indices Sensex and Nifty tumbled in early trade. The 30-share BSE Sensex dropped 330 points to 77,334 in early trade. The 50-share NSE Nifty declined 93.3 points to 24,079.75. Amid this, the counter opened in green at Rs 297.30, with a gain of Rs 3.05 or 1.03 per cent from the previous close of Rs 294.25 on the BSE. It advanced further to touch the intraday high of Rs 297.85 but later fell amid profit booking to touch the low of Rs 289.85. Last seen, the stock was trading at Rs 293.50, down Rs 0.75 or 0.25 per cent, and the company’s market cap stood at Rs 19,704.56 crore.
Technically, the stock trades higher than the 20-day, 50-day, 100-day and 200-day moving averages but lower than the 5-day moving averages.
The stock’s 14-day relative strength index (RSI) is 58.77. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
