Godrej group stocks trade mixed after conglomerate’s split | Business News
Godrej group stocks trade mixed after conglomerate’s split | Business News
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Shares of Godrej group’s listed companies are trading on a mixed note on Thursday (May 2) after the founding family reached a settlement to split the conglomerate in two branches.
Godrej Industries shares slipped as much as 9 per cent at 872.90 while Godrej Agrovet climbed over 5 per cent to touch intraday high at 573.00 on the NSE. Shares of Godrej Properties plunged 6.25 per cent to hit intraday low at Rs 2,479.35 on the NSE.
Along similar lines, Astec Lifesciences stock also dipped by 2.15 per cent to Rs 1,227.15, despite advancing nearly 9 per cent during the early trade. Godrej Consumer Products climbed 2.82 per cent to Rs 1,254.60 on NSE.
The 127-year-old group has been split between two branches of the founding family, with Adi Godrej (82) and his brother Nadir (73) on one side and their cousins Jamshyd Godrej (75) and Smita Godrej Crishna (74) on the other.
As per the settlement plan, Adi Godrej and his brother Nadir Godrej will maintain control over Godrej Industries that has five listed firms. Their cousins Jamshyd and Smita, on the other hand, will get control over unlisted Godrej & Boyce and its affiliates as well as a land bank, including prime property in Mumbai.
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