Godrej Consumer rises on report it may end Hershey venture

MUMBAI: Shares of Godrej Consumer Products Ltd settled higher on the bourses today amid a media report that the household products maker may end its joint venture with US-based chocolate and confectionery major Hershey.

Defying the highly volatile broader market trend, the company's scrip closed at Rs 444.80, up 1.48 per cent from its previous close on the BSE. In intra-day, the scrip rose by 3.26 per cent to touch a nearly ten month high of Rs 452.60.

On the National Stock Exchange, the scrip settled at Rs 446.85, up 2 per cent.

According to media report, Hershey's and the Godrej Group have called off their joint venture in India following management differences in running the entity.

At a recent board meeting, both sides mutually agreed to call-off the partnership following which Hershey's will sell its 51 per cent stake to Godrej Consumer Products Ltd (GCPL) for an undisclosed amount, it said.

The report further added that Lazard Capital has been entrusted with the task of handling the deal which marks the end of the JV signed in 2007.

Meanwhile, both the broader indices, Sensex and Nifty ended the day on a flat note. The BSE 30-share Sensex settled at 18,726.97, down 0.09 per cent, while the NSE's 50-share Nifty ended at 5,625.45, down 0.12 per cent.