Godawari Power zooms to record high as board may consider share buyback on June 15

Godawari Power been on a upward trajectory for the past year as it delivered over 175 percent returns during the tenure.

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

Shares of Godawari Power and Ispat climbed nearly 12 percent to scale a record high of Rs 1,088.65 on June 10 after the company announced plans to consider a share buyback at its upcoming board meeting on June 15.

If approved, this will turn out to be the company's second share buyback in a time span of merely two years. In the previous buyback that it carried out, Godawari Power and Ispat had bought shares worth up to Rs 250 crore, through the tender offer route.

In a share buyback, the company purchases its own shares from shareholders. It's considered a tax-efficient method to give cash back to investors. By buying back shares, the company decreases the number of shares in the market, which can increase the stock's value.

At 1.11 pm, shares of Godawari Power were trading at Rs 1,042.05 on the NSE.

Follow our live blog for all the market action

Volumes in the counter also surged as 16 lakh shares changed hands on the bourses so far, manifolds the one-month daily traded average of 5 lakh shares.

The stock has also been on a upward trajectory for the past year as it delivered over 175 percent returns during the tenure.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.