Godawari Power & Ispat Shares surge on Potential Buyback plans

Godawari Power & Ispat Shares surge on Potential Buyback plans

Key Points of Godawari Power & Ispat Share Buyback Plan:

  • Godawari Power and Ispat is considering a buyback of equity shares at its board meeting on March 18.
  • This will be the company’s first-ever share buyback plan.
  • The announcement caused a surge in the company’s shares on March 16.
  • As of 12:49 pm, the shares were trading 2.54% higher at Rs 383 on the National Stock Exchange.
  • Six lakh shares of the company were exchanged on bourses, compared to the one-month daily traded average of three lakh shares.
  • Investors are closely watching for details on the buyback, including the record date, buyback price, and size.
  • The company aims to return money to shareholders in a tax-efficient way and help stabilize the stock’s value, following a difficult period of declining profits in 2022. The recent recovery in the stock is driven by improved prospects following the reopening of China.

Details of Godawari Power & Ispat Share Buyback Plan:

Godawari Power and Ispat Set to Consider First-ever Share Buyback Plan at Board Meeting on March 18

Shares of Godawari Power and Ispat surged on March 16 after the steel manufacturer announced its plans to consider a buyback of equity shares at the upcoming board meeting on March 18. This could mark the first-ever share buyback plan for the company.

As of 12:49 pm, the shares of Godawari Power and Ispat were trading 2.54% higher at Rs 383 on the National Stock Exchange, having reached an intraday high of Rs 386.65. Furthermore, six lakh shares of the company have been exchanged so far on bourses, compared to the one-month daily traded average of three lakh shares.

Investors are closely watching for further details on the buyback, including the record date, buyback price, and size. During a buyback, the company repurchases shares from shareholders at a premium from the prevailing market price. The objective is to return money to shareholders in a tax-efficient way and help stabilize the stock’s value.

After struggling throughout much of 2022 due to declining profits, the stock has shown some signs of recovery in recent months, driven by improved prospects following the reopening of China.

About Godawari Power & Ispat:

Godawari Power & Ispat operates primarily in the mining of iron ore and the manufacturing of various iron and steel products, including iron ore pellets, sponge iron, steel billets, wire rods, H.B. wire, and ferro alloys. Additionally, the company also generates electricity.

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