Shares of Godawari Power and Ispat zoomed 7 percent in morning trade and scaled a record high of Rs 253.40 on December 12 after the company inked an agreement with GAIL to supply re-gassified liquefied (RLNG) natural gas for a period of 7 years.
With the surge in today's session, the stock also managed to extend its winning streak to the ninth consecutive session, delivering gains of over 29 percent during the period.
At 09.53 am, shares of Godawari Power and Ispat were trading at Rs 249 on the NSE, firm in the green territory, but slightly off its record high.
Trading volumes in the counter were also sharply higher, further providing steam to the already strong buying momentum. As much as 81 lakh shares changed hands on the exchanges so far, already well above the one-month daily traded average of 23 lakh shares.
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As for the company's quarterly earnings, it delivered a 38.1 percent on-year drop in net profit to Rs 159.1 crore for the September quarter, down from Rs 256.9 crore in the same period last fiscal. Revenue from operations also fell 1.8 percent to Rs 1,267.6 crore, down from Rs 1,291 crore in the base period.
At the operating level, EBITDA margin also narrowed to 19.5 percent in Q2 from 28 percent in the year-ago quarter.
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