Godrej Group shares rally on the back of huge volumes
The shares of Godrej Group, Godrej Industries, Godrej Properties and Godrej Consumer Products are in the limelight, trading higher by 2-10% on the Bombay Stock Exchange (BSE). The trading volumes on these counters more-than-doubled, compared to two-week average volumes.
Godrej Industries has rallied 12% at Rs 230 on the NSE. As many as 3.67 million shares changed hands on the counter till 1115 hours, against an average 770,000 shares traded daily in the past ten days.
Godrej Properties has surged 8% at Rs 814 and Godrej Consumer Products has gained 2% at Rs 454.
Meanwhile, the newspaper reports suggest that Godrej Consumer Products will buy Hershey's 51% stake in joint venture (JV) Godrej Hershey, following management differences in running the entity. The Godrej Group may choose to enter the chocolates category since a non-compete clause may not be applicable.
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Posted 27 Jun 11 | replies (0 new)