Godawari Power and Ispat, an integrated steel manufacturer, has informed that it has received final approval from Government of India, Ministry of Environment & Forest for diversion of 106.60 hectare of Forest Land for Ari Dongri Iron Ore Mines in Bhanupratappur Forest Division in Kanker District of Chhattisgarh.

The company manufacturers wire rods, sponge iron, captive power, steel billets and ferro alloys. It has registered a 81.71% rise in net profit at Rs 38.05 crore for the quarter ended June 30, against Rs 20.94 crore in the same period in the pevious fiscal.

Shares of the company gained Rs 15, or 7%, to settle at Rs 226. The total volume of shares traded was 134,083 at the BSE. (Tuesday)

The analysts at Emkay maintained a 'BUY' rating on Godawari Power & Ispat  with a price target of Rs 418.