A stock has given amazing returns in the stock market. It has made investors earn lakhs of rupees in a short time. This stock is Godavari Power and Steel, which has given more than 2,800% return to investors in the last five years. The shares of this steel producing company closed at Rs 39.8 on August 7, which has reached Rs 1,166 on August 8, 2024.
If seen in this way, Rs 1 lakh invested in the stock five years ago would have turned into Rs 28 lakh today. In comparison, the Sensex has gained 45.86% in three years. In the current session, Godavari Power shares rose 1.5% to Rs 1,166 on the BSE. Earlier, the stock opened at Rs 1158.65 on the BSE against its previous close of Rs 1148.70.
Strong profit in two years
The stock of the steel and power manufacturer has gained 104% in one year and 304% in two years. A total of 0.40 lakh shares of the firm were traded in the current session, giving a turnover of Rs 4.60 crore in the current session. The market cap of the firm stood at Rs 15,413 crore. The stock touched a 52-week low of Rs 550.95 on September 12, 2023 and has hit a record high of Rs 1,166 in today’s trade.
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How is the stock at the technical level?
On a technical level, its RSI is at 59.4, which indicates that it is neither in the overbought nor in the oversold zone. Godavari Power shares are trading above the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
How much profit did the company make?
Godawari Power reported a 24 per cent rise in consolidated net profit to Rs 286.89 crore for the June quarter due to reduction in expenses. Total income rose to Rs 1,372.42 crore in the first quarter from Rs 1,344.37 crore in the same quarter a year ago. Expenses declined to Rs 987.30 crore in the June quarter from Rs 1,063.00 crore in the first quarter of the previous fiscal.
Declaration of dividend and stock split
The board has approved the proposal to pay a special dividend of Rs 1.25 per equity share on the occasion of the company’s 25th anniversary. This payment will be made on or after August 28, 2024. Apart from this, the board has also approved the proposal to split the equity share with a face value of Rs 5 into 5 equity shares with a face value of Rs 1, subject to the approval of the stock holders. That is, one share will be split into five equity shares, whose face value will be Rs 1.
What is the target of the share?
Rupak Dey, Senior Technical Analyst at LKP Securities, has recommended buying this stock at a target price of Rs 1,200-1,230. Stop loss can be fixed at Rs 1,100. Let us tell you that Godavari Power is a steel company, which works in steel and power business. It is involved in both the domestic market and export market. The company is in the iron and steel industry, power sector and mining sector.
(Note- Before investing in any stock, please seek help from a financial advisor.)
Source (PTI) (NDTV) (HINDUSTANTIMES)