Most of India's Godrej group stocks fall on restructuring

Astec LifeSciences

02/05/2024 08:06

** Shares of most Godrej group companies fall after
conglomerate announces restructuring
    ** Godrej Properties  GODR.NS  and Godrej Industries
 GODI.NS  drop 6% and 7.2%, respectively
    ** GODR top loser in Nifty Realty  .NIFTYREAL  and among top
losers in mid-cap index  .NIFMDCP100 ; GODI among top losers in
Nifty 500  .NIFTY500 
    ** Astec Lifesciences  ASTE.NS  sheds ~3%, while Godrej
Consumer Products  GOCP.NS  and Godrej Agrovet  GODE.NS  up 0.5%
and 3% respectively
    ** Godrej family has decided to restructure its shareholding
in the conglomerate to operate as two entities - Godrej
Enterprises Group and Godrej Industries Group
    ** "Restructuring rules out any potential option value that
could have emerged from the Vikhroli land (in Mumbai) for Godrej
Properties," says CLSA, reiterating a "sell" recommendation on
rich valuations
    ** Godrej Industries Group operates via listed companies
including Godrej Industries, Godrej Consumer Products, Godrej
Properties, Godrej Agrovet and Astec Lifesciences

 (Reporting by Bharath Rajeswaran and Hritam Mukherjee in
Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))