Godawari Power sizzles on commencement production in rolling mill, iron ore beneficiation plant

Godawari Power & Ispat surged 7.34% to Rs 193.70 after the company said it commenced commercial production in rolling mill and iron ore beneficiation plant from 25 February 2020.

Feb 26, 2020 05:02 IST capital market

The Chhattisgarh Environment Conservation Board had earlier granted its consent to the company to operate the rolling mill with a capacity of 4,00,000 tonnes per annum and iron ore beneficiation plant with capacity of 10,00,000 tons per annum under Water (Prevention and Control of Pollution) Act, 1974 and Air (Prevention and Control of Pollution ) Act 1981.

These facilities will help company sell valued added products, the company said in a notification post market hours on Tuesday (25 February).

Consolidated net profit of Godawari Power & Ispat declined 56.5% to Rs 29.63 crore on a 7.3% fall in net sales to Rs 836.75 crore in Q3 December 2019 over Q3 December 2018.

Godawari Power & Ispat is an integrated steel manufacturer. The company is mainly engaged in generation of electricity, Iron ore mining and manufacturing of Sponge Iron, Iron Ore Pellets, Steel Billets, Ferro Alloys and H.B. Wire.

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