Godrej Inds advances as subsidiary files for IPO

Godrej Industries rose 2.66% to Rs 694.20 at 11:40 IST on BSE after the company said its subsidiary Godrej Agrovet has filed Draft Red Herring Prospectus with market regulator Sebi for an initial public offering of shares.

The announcement was made after market hours yesterday, 19 July 2017.

Meanwhile, the S&P BSE Sensex was up 23.59 points or 0.07% at 31,978.94.

On the BSE, 79,000 shares were traded on the counter so far as against the average daily volumes of 50,943 shares in the past one quarter. The stock had hit a high of Rs 698.80 so far during the day, which is a record high. The stock hit a low of Rs 677.75 so far during the day. The stock had hit a 52-week low of Rs 363.90 on 28 November 2016.

The stock had outperformed the market over the past one month till 19 July 2017, advancing 5.51% compared with the Sensex's 2.06% rise. The stock had also outperformed the market over the past one quarter, gaining 30.06% as against the Sensex's 8.93% rise. The scrip had also outperformed the market over the past one year, surging 60.73% as against the Sensex's 15% rise.

The large-cap company has equity capital of Rs 33.63 crore. Face value per share is Rs 1.

The proposed initial public offer (IPO) of Godrej Agrovet consists of fresh issue of equity shares aggregating up to Rs 300 crore and an offer for sale (OFS) of shares aggregating upto Rs 300 crore and upto 1.23 crore shares by V-Sciences Investments Pte.

On consolidated basis, Godrej Industries reported net profit of Rs 95.23 crore in Q4 March 2017, compared with net loss of Rs 57.03 crore in Q4 March 2016. Net sales rose 6.9% to Rs 1950.84 crore in Q4 March 2017 over Q4 March 2016.

Godrej Industries is a conglomerate with a significant presence in Home and Personal Care, Animal Feeds, Dairy and Agri-products, Poultry, Oil Palm Plantation, Real Estate Development, Oleo-chemicals and Vegetable Oils, both directly and through subsidiaries/associate companies.

Powered by Capital Market - Live News