Shares of PSU stocks dropped by up to 13% as RBI imposed stricter regulations on project loans during the construction phase, with provisions set at 5%. Power financing companies like PFC and REC witnessed sharp declines.
Pirojsha Godrej, 43, patriarch Adi Godrej s son, is set to take over as chairman of the Godrej Industries Group from 2026 whol Nyrika Holkar, Smita Godrej Crishna s 42-year-old daughter, has emerged as the face of the Godrej Enterprises Group.
Godrej Properties shares surged 9.7% to a record high of Rs 2,816.90 on BSE. Brokerages raised target prices after a 14% YoY increase in consolidated net profit to Rs 471 crore for Q1 2024. The company achieved its highest-ever quarterly sales, with booking value at Rs 9,519 crore.
During Q4FY24, one project in Bengaluru which was inactive for a decade has been revived, offering another potential Rs 5,000 crore in booking value, according to chairman Pirojsha Godrej.