Graphite India shares in focus after firm buys 31% stake in Godi India

Shares of Graphite India Ltd are in focus today after the company inked a definitive transaction with a cash consideration of Rs 50 crore for an investment in compulsory convertible preference shares of Godi India Private Ltd. The deal will amount to an equity shareholding of 31% in the company. The stock was trading flat at Rs 528.50 in opening trade today. Graphite India stock ended at Rs 526.20 in the previous trading session on BSE.  

Total 2,837 shares of the firm changed hands amounting to a turnover of Rs 15.38 crore on BSE. Market cap of the firm stood at Rs 10,329 crore on Tuesday.              

Stock of the graphite electrodes  maker has gained 31% in a year and gained 36.59 % in 2023.  In terms of technicals, the relative strength index (RSI) of the stock stands at 74.4, signaling the stock is trading in the overbought zone. Graphite India has a one-year beta of 0.3, indicating very low volatility during the period. Graphite India shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.   

Ashutosh Dixit, Executive Director of Graphite India, said, “We are delighted to announce Graphite India’s strategic investment in Godi India, as part of its strategy to diversify into advanced battery and energy storage systems technologies. GODI India is leading the development of Lithium ion, Sodium ion and Solid State batteries for electric vehicles and consumer electronics for Indian and global markets. This strategic move reaffirms Graphite India’s commitment towards technological innovation and growth, which is a significant step for creating a diversified business portfolio.” 

Godi India, which is currently backed by Blue Ashva Capital, a venture capital fund, is engaged in advanced chemistry R&D to support the manufacturing of sustainable batteries for electric vehicles and supercapacitor based energy storage systems.  

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