Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences will have Nadir Godrej as Chairperson.
Godrej Enterprises Group (GEG) comprises of Godrej & Boyce (G&B) and its affiliates, will now be controlled by Jamshyd Godrej.
Godrej group stocks on Thursday traded in a wide range, with Godrej Industries Ltd and Godrej Properties Ltd falling up to 9 per cent while Godrej Agrovet Ltd and Godrej Consumer Products Ltd rising up to 3 per cent, as the promoter family announced an ownership realignment of shareholdings in the Godrej companies.
As per the family, settlement Godrej Industries Group (GIG), which includes the listed companies, Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences will have Nadir Godrej as Chairperson and would be controlled by Adi Godrej, Nadir Godrej, and their immediate families.
On the other hand, Godrej Enterprises Group (GEG) comprises of Godrej & Boyce (G&B) and its affiliates, will now be controlled by Jamshyd Godrej, Chairperson and Managing Director, Nyrika Holkar, Executive Director, and their immediate families.
“This will help maximise strategic direction, focus, agility, and will accelerate the process of creating long-term value for shareholders and all other stakeholders, the Godrej group said.
Shares of Godrej Industries, a holding company for the Godrej group, plunged 8.91 per cent to hit a low of Rs 875 on BSE. Godrej Properties was trading 5.77 per cent lower at Rs 2,495.75. CLSA has reportedly suggested a ‘Sell’ rating on Godrej Properties with a target of Rs 2,100 per share as it noted that G&B would own Vikhroli land and rules out any option value.
Godrej Consumer Products added 1.1 per cent to Rs 1,232.95. GCPL recently published its Q4FY24 update, which was better than analyst estimates on sales and India volumes. “GCPL stays one of our top Buys with target price of Rs 1,455; we expect disruptive innovation soon in liquid vaporiser in HI,” Nuvama said on April 8.
Godrej Agrovet added 2.77 per cent to Rs 559.75. Astec Lifesciences, which is promoted by Godrej Agrovet, declined 1.1 per cent to Rs 1,273.75.
Disclaimer: rojgarlive Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
