Steel stock jumps after it acquires 51% stake in metal waste recycling companySteel stock jumps after it acquires 51% stake in metal waste recycling company

Introduction:

Leading industry player has successfully completed the acquisition of a 51% stake in Jammu Pigments Limited. The acquisition involved purchasing an additional 3,36,069 equity shares for ₹9.98 crore, marking a strategic expansion and enhancing market positioning.

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Share price movement of Godawari Power:

On January 2, 2025, Godawari Power & Ispat Ltd. (GPIL) opened at ₹214.40, up 0.59% from its previous close of ₹213.15. The stock reached a high of ₹214.40 and a low of ₹209.30. By 10:39 AM, it traded at ₹209.95, with a market cap of ₹14,045.13 crore.

Godawari Power Acquires Majority Stake in JPL:

Godawari Power and Ispat Limited has successfully completed the acquisition of a 51% stake in Jammu Pigments Limited (JPL). The company acquired an additional 3,36,069 equity shares from JPL’s promoter, Mr. Ramesh Kumar Agarwal, for ₹9.98 crore.

Following this acquisition, Godawari Power now holds a majority stake in JPL on a fully diluted basis. The acquisition marks a strategic expansion for Godawari Power in the pigment industry, strengthening its position in the market and enhancing its growth prospects.

Recent news on Godawari Power:

As of December 11, 2024, Godawari Power & Ispat Ltd. signed a seven-year agreement with GAIL India for the supply of regasified LNG to fuel its upcoming pellet plant, ensuring a stable energy supply for its operations.

Stock performance of Godawari Power for Period of 1 week, 6 months and 1 year:

Godawari Power & Ispat Ltd. recorded a 2.92% return over the past week. Despite a 3.74% decline in the last six months, the company has achieved an impressive 37% return over the past year, showcasing its strong long-term growth potential.

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Shareholding pattern of Godawari Power:

All values in %	Sep 2024	Jun 2024	Mar 2024
Promoter	63.50%	63.30%	63%
FII	7.40%	7.50%	5.50%
DII	1.60%	2.00%	2.10%
Public	28%	27%	29.10%

About Godawari Power:

Godawari Power & Ispat Ltd (NSE: GPIL) is an integrated steel company under the Hira Group, engaged in mining iron ore, manufacturing pellets, sponge iron, steel billets, and generating power, with production facilities in Raipur.

Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.