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Last Updated : Nov 13, 2019 11:57 AM IST | Source: Moneycontrol.com

Godrej Industries share price gains 6% on strong Q2 show; plans to raise Rs 1,500 crore

The company board has approved raising of funds by way of issuance of unsecured non-convertible/debentures/Bonds/Other Instruments aggregating to Rs 1,500 crore.

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Share price of Godrej Industries added 6 percent intraday on November 13 after the company posted better-than-expected numbers for the quarter ended September 2019.

The company reported a 95.7 percent YoY jump in its September quarter (Q2FY20) net profit at Rs 371.46 crore against Rs 189.76 crore.

Revenue for the quarter increased by 3.6 percent at Rs 2,628.71 crore against Rs 2,538.39 crore, YoY.

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Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 1.6 percent at Rs 151.1 crore versus Rs 148.7 crore, while EBITDA margin was flat at 5.8 percent versus 5.9 percent, YoY.

The company board has approved raising of funds by way of issuance of unsecured non-convertible/debentures/Bonds/Other Instruments aggregating to Rs 1,500 crore.

The board also approved further investment of up to Rs 750 crore by way of subscription/purchase of securities or otherwise in Godrej Properties, a subsidiary company.

At 1127 hrs, Godrej Industries was quoting at Rs 443.40, up Rs 12.30, or 2.85 percent on the BSE.

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First Published on Nov 13, 2019 11:57 am
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