By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
PratapDarpanPratapDarpanPratapDarpan
  • Top News
  • India
  • Buisness
    • Market Insight
  • Entertainment
    • CELEBRITY TRENDS
  • World News
  • LifeStyle
  • Sports
  • Gujarat
  • Tech hub
  • E-paper
Reading: Godavari Power & Steel Board approves share buyback of Rs 301 crore at 30% premium, sets record date
Share
Notification Show More
Font ResizerAa
Font ResizerAa
PratapDarpanPratapDarpan
  • Top News
  • India
  • Buisness
  • Entertainment
  • World News
  • LifeStyle
  • Sports
  • Gujarat
  • Tech hub
  • E-paper
Search
  • Top News
  • India
  • Buisness
    • Market Insight
  • Entertainment
    • CELEBRITY TRENDS
  • World News
  • LifeStyle
  • Sports
  • Gujarat
  • Tech hub
  • E-paper
Have an existing account? Sign In
Follow US
  • Contact Us
  • About Us
  • About Us
  • Privacy Policy
  • Privacy Policy
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
PratapDarpan > Blog > Buisness > Market Insight > Godavari Power & Steel Board approves share buyback of Rs 301 crore at 30% premium, sets record date
Market Insight

Godavari Power & Steel Board approves share buyback of Rs 301 crore at 30% premium, sets record date

PratapDarpan
Last updated: 16 June 2024 21:02
PratapDarpan
12 months ago
Share
Godavari Power & Steel Board approves share buyback of Rs 301 crore at 30% premium, sets record date
SHARE

The board of Godavari Power & Steel has approved a share buyback plan of Rs 301 crore from investors. Under the proposed plan, the company will buy back about 21.5 lakh fully paid-up equity shares at a price of Rs 1,400 per share.

The buyback price is 30% higher than the current market price of Rs 1,078 per share.

This buyback of Rs 301 crore represents 1.64% of the total paid-up equity share capital of the company as of March 31, 2024 (excluding 45 lakh equity shares held by the trust in treasury), the company said in an exchange filing.

“This buyback is proposed to be made on a proportionate basis from the equity shareholders/beneficial owners of the company by Friday, June 28, 2024 (record date),” the company said in a filing.

In Q4FY24, Godavari Power & Steel Ltd reported a net profit of Rs 219.5 crore, up 29.4% year-on-year (YoY). In the same quarter, the firm reported a net profit of Rs 169.6 crore. Its revenue from operations grew 16.2% to Rs 1,529.8 crore as against Rs 1,316.6 crore in the same period a year ago.

At the operational level, EBITDA grew 19.3% to Rs 328.9 crore in Q4 this FY from Rs 275.8 crore in Q4 FY23. EBITDA margin stood at 21.5% in the quarter under review as against 21% in the same period last fiscal.

According to Trendlyne data, the average target price for the stock is Rs 1,250, indicating an upside potential of 16% from current market prices. Meanwhile, an analyst consensus recommendation for the stock is ‘Strong Buy’.

In technical terms, the stock’s relative strength index (RSI) is currently at 72.4. Trendline data showed that an RSI below 30 is considered oversold, and above 70 is considered overbought.

Moreover, the stock price of Godavari Power and Steel is above the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day and 200-day simple moving averages, which further strengthens the positive momentum.

On Friday, the stock closed 1.5% higher at Rs 1,078 on BSE.

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

(You can now subscribe to our ETMarkets WhatsApp channel)

You Might Also Like

Rupee closes at 85.71 against US dollar, registers best one-day gain since late November
RBL Bank Q1 Results: Net profit up 29% YoY to Rs. 372 crores
F&O Talk | Nifty crucally down for its 50-week EMA straight week: Sudip Shah of SBI Securities
Ahead of the market: 10 things that will determine stock market action on Friday
Buy Vedanta, Target Price Rs. 575: Amk Global
Share This Article
Facebook Email Print
Previous Article દ્વારકાના દરિયાકાંઠેથી ચરસના પેકેટ મળવાનું ચાલુ, ફરી અંદાજિત રૂ.  30 કરોડની રકમ મળી છે દ્વારકાના દરિયાકાંઠેથી ચરસના પેકેટ મળવાનું ચાલુ, ફરી અંદાજિત રૂ. 30 કરોડની રકમ મળી છે
Next Article Why is Lil Uzi Vert being sued for 500K USD? The lawsuit is being investigated Why is Lil Uzi Vert being sued for 500K USD? The lawsuit is being investigated
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

Find Us on Socials

© Foxiz News Network. Ruby Design Company. All Rights Reserved.
Join Us!
Subscribe to our newsletter and never miss our latest news, podcasts etc..

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Zero spam, Unsubscribe at any time.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?

Not a member? Sign Up