Shares of iron and steel products manufacturer Godawari Power and Ispat Ltd (GPIL) soared over 5 per cent during the intraday trade on March 20 on decent buying interest from investors amid bullish sentiment in the Indian stock market. The rally was fueled by the company's recent announcement as well.

In the morning, the stock started the trading session a bit higher at Rs 253.20 against the last day's closing of Rs 250.70. The scrip further extended the momentum to hit a high of Rs 267.90 on NSE, up over 6 per cent from the last closing.

Meanwhile, the 52-week high and low values of the stock stood at Rs 290 and Rs 168, respectively. On BSE, the stock opened at Rs 251 as compared to the last day's closing of Rs 250.85. The company's shares jumped over 6 per cent to touch a high of Rs 267.85.

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Last seen, the manufacturing sector stock was trading at Rs 262.25, Rs 11.55 or 4.61 per cent, up 4.61 per cent on NSE. Meanwhile, the market cap of Godawari Power and Ispat Limited stood around 17,600 crore.

Share Price History

According to BSE Analytics, the shares rose multifold in the last 5 years, gaining over 700 per cent.

In the last three years, the stock jumped over 240 per cent and 2 years, it escalated nearly 100 per cent. In a year, the stock gave a decent return of 44 per cent, and in lats three months it rose over 10 per cent. In a week, the company's shares jumped over 4 per cent.

Latest Announcement

Godavari Power and Ispat recently said in exchange filings that its wholly owned subsidiary, Godavari New Energy Private Limited have informed that it has converted 0.1 per cent non-cumulative, participating, optionally convertible redeemable preference shares (Series 1 and 2) into equity shares.

In this regard, a total of 19.89 crore equity shares, with a face value of Rs 10 each, have been allotted from Godavari New Energy Private Limited.

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According to the regulatory filing, as part of this conversion, tranches of preference shares originally issued last year in November and December were completed on March 18, 2026. Following this conversion, without any additional cash investment, Godavari Power and Ispat's equity stake in Godavari New Energy has increased to 100% of the company's paid-up capital.

Disclaimer: This Story is for informational purposes only. It should not be considered as investment advice.