Shares of Godawari Power & Ispat Ltd (GPIL) are in action even as stock market benchmark indices Sensex and Nifty declined due to persistent foreign fund outflows and a muted trend in global equities, denting investors' sentiment. The stock started the trading session in the red at Rs 255.85 against the previous close of Rs 256.30 on the BSE. However, it gained amid a spurt in trading volume by more than 1.23 times and touched the high of Rs 267, representing a gain of 4.17 per cent from the last closing price. Last seen, the stock held firmly in green at Rs 261.70, and the market cap of the company stood at Rs 17,548.64 crore. On the National Stock Exchange (NSE), the stock started the trading session at Rs 255.96 against the previous close of Rs 256.39. It later hit an intraday high and low of Rs 267.14 and 255.08, respectively.
The stock has been gaining for the last two days and has risen 3.81 per cent in the period. Technically, the counter is trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The stock's 14-day relative strength index (RSI) is 58.84. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
What's behind the action?
The action in the stock comes as the company has informed exchanges that Care ESG Ratings Limited has upgraded the company's Environmental, Social and Governance (ESG) score and rating. Under the new assessment, the company has been rated CareEdge -ESG 1, with an ESG score of 76.6. This rating is based on the Issuer-Pays business model.
Previously, the company had an ESG score of 51.0 and a rating of CareEdge -ESG 3, which has now been upgraded. According to the company, this upgrade reflects significant improvements in its environmental, social, and governance practices.
Godavari Power & Ispat Limited (GPIL) is one of the leading companies in India's secondary steel manufacturing sector.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
