Shares of Godrej Properties rose as much as 4.68% to a new all time high of Rs 1,005 on both the exchanges today, despite reports of fissures in the family.
Reports of conflict in the Godrej family surfaced, with regards to the family's land holding in Godrej & Boyce and its commercial exploitation by Godrej Properties.
While the Jamshyd Godrej family faction is reportedly against excessive development, Adi and Nadir Godrej are in the favour of the land being developed.
Shares of Godrej Properties initially opened at a loss of 5.1 points to Rs 955, against the close of Rs 960.10 yesterday.
However, the stock edged up in the early trading session and rose 2.56% to touch an intraday high of Rs 984.70. Later the stock created new high of Rs 990, after rising 3.1%.
At 10: 55 am, shares of Godrej Properties were trading at 4.68%, a new 52-week high of Rs 1,005 on both BSE and NSE.
Godrej Properties is trading in-line with the realty sector, which was the top gaining sector of the morning session today.
On the contrary, shares of Godrej Industries gained 2.5 points to Rs 484.95, also its intraday high. The stock in the early trade fell 1.6% to touch an intraday low of Rs 474.20.
Shares of Godrej Industries are trading closer to its 52-week low of Rs 434.10 on the BSE.
Stock price of Godrej Industries currently trades lower by 2.90 points at Rs 479, whereas Godrej Properties' share is up by 29 points at Rs 989, on the BSE.
Meanwhile, both the sides are expected to issue a statement on the matter today. The Godrej family owns huge swathes of land across the country, especially Maharashtra.
Edited by Rupa Burman Roy
Dispute in Godrej family over alleged commercial exploitation of landholding by Godrej Properties