Godrej Industries rose 1.32% to Rs 253.45 at 10:17 IST on BSE after the company said that ICRA has upgraded the rating of the company's public deposit programme of Rs 100 crore from MAA to MAA+.
The announcement was made after market hours on Tuesday, 17 December 2013.
Meanwhile, the S&P BSE Sensex was up 83.59 points or 0.41% at 20,695.73.
On BSE, so far 16,000 shares were traded in the counter as against average daily volume of 34,692 shares in the past one quarter.
The stock hit a high of Rs 255.35 and a low of Rs 249.55 so far during the day. The stock had hit a 52-week high of Rs 331.95 on 9 January 2013. The stock had hit a 52-week low of Rs 218.50 on 28 August 2013.
The stock had underperformed the market over the past one month till 17 December 2013, declining 5.91% compared with the Sensex's 1.04% rise. The scrip had also underperformed the market in past one quarter, sliding 13.68% as against Sensex's 4.08% rise.
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The mid-cap company has equity capital of Rs 33.54 crore. Face value per share is Re 1.
Godrej Industries said that ICRA has upgraded the rating of its public deposit programme of Rs 100 crore from MAA (pronounced M Double A) to MAA+ (pronounced M Double A plus). The outlook of the rating is stable. Instruments with this rating are considered to have the high-credit quality. The rated deposits programme carries low credit risk, Godrej Industries said.
Godrej Industries' consolidated net profit rose 22.1% to Rs 93.59 crore on 3.2% growth in net sales to Rs 2008.42 crore in Q2 September 2013 over Q2 September 2012.
Godrej Industries is in the businesses of oleochemicals, surfactants, finance & investments and estate management. It has substantial interests in several industries including property development, oil palm plantation, animal feeds and agro-products, poultry, personal care and household care, etc., through its subsidiaries and associate companies.
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