Godrej group firms rise up to 5% on land monetisation

NEW DELHI: Shares of Godrej Industries and Godrej Properties jumped up to 5 per cent in Wednesday’s trade after the former said its subsidiary Godrej Agrovet has received board approval to monetise its 100 acres land in Bengaluru through a joint development project with the group company.

Godrej Industries in a regulatory filing to BSE said since GAVL was not carrying out any operational activity on the aforesaid land for a long time, it decided to monetise the same for a joint development project with the group developer. The land is located at Sarjaur, Bangalore.

Following the report, shares of Godrej Properties rose 5 per cent to hit a high of Rs 342 on BSE. Godrej Industries rose 1.84 per cent to Rs 363.95. Godrej Industries reported a 16.42 per cent YoY fall in consolidated net profit to Rs.116.13 crore for March quarter. Godrej Properties, on the other hand, reported nearly 65 per cent YoY plunge in its consolidated net profit to Rs 18 crore for the fourth quarter.