Read more about Market Wrap Podcast, May 12: Here s all that happened in the markets today on Business Standard. Tata Motors, PowerGrid, Titan Company, Maruti Suzuki, UPL, Cipla, State Bank of India, and NTPC were the top gainers on the 50-share index today, up between 1 per cent and 3 per cent
File picture of Hindustan Unilever Limited
MUMBAI: Hindustan Unilever’s (HUL) foods and refreshments leader Sudhir Sitapati is joining Godrej Consumer Products (GCPL) as MD and CEO. Nisaba Godrej, who had taken on the additional role of MD mid-last year after Vivek Gambhir quit, will continue as executive chairperson of GCPL.
GCPL said the leadership change will be effective October 18, 2021. The company said Sitapati’s appointment will enable GCPL to leverage his significant experience in building sustainable and profitable businesses to guide the growth strategy in future.
Nisaba, daughter of Godrej Group patriarch Adi Godrej, said: “Sudhir’s values-based leadership style also makes him a great fit with the Godrej culture. I look forward to his partnership in unlocking the amazing potential of our company and leading its next phase of growth.”
Godrej Consumer shares rally nearly 25 pc after Q4 earnings
Godrej Consumer shares rally nearly 25 pc after Q4 earnings
NEW DELHI, May 12: Shares of Godrej Consumer Products on Wednesday zoomed nearly 25 per cent after the company reported a 59.13 per cent increase in its consolidated net profit for the fourth quarter ended March 2021.
The stock after starting the trade on a bullish note further rallied 24.86 per cent to Rs 894 its 52-week high on BSE.
On NSE, it jumped 24.54 per cent to its 52-week high of Rs 892.
FMCG major Godrej Consumer Products Ltd (GCPL) on Tuesday reported a 59.13 per cent increase in its consolidated net profit to Rs 365.84 crore for the fourth quarter ended March 2021.
Market gives thumbs up to Godrej Consumer
May 12, 2021
Stock jumps 22% as analysts expect re-rating soon
Shares of India’s Godrej Consumer Products Ltd. zoomed 25 per cent on Wednesday, after the company has appointed Sudhir Sitapati, former Executive Director of Hindustan Unilever. While appointing Sitapati as MD and CEO, the company said, Nisaba Godrej, currently the Chairperson and Managing Director of the company, will continue to serve as Executive Chairperson.
The stock jumped to day’s high of ₹894.90 on the BSE and closed a tad lower at ₹874.80, up 22.19 per cent, over the previous day s close. Meanwhile, Hindustan Unilever shares slipped 3 per cent at ₹2,329.05.
Motilal Oswal
Upgrades to âbuyâ with a target price of Rs 870 apiece.
Sudhir Sitapatiâs appointment as MD and CEO is a potentially transformative event in the fortunes of the company.
His appointment as MD and CEO for five years, as well as his relative young age (mid-40s), gives him adequate time to formulate and implement strategic changes.
The underpenetrated household insecticides and hair color categories could greatly benefit from Sitapatiâs past experience, where GCPL has struggled to boost penetration.
Valuations, which are deservedly at a discount of 10% to large-cap staples peers given the weak growth and lower return on capital employed, will change with the potentially transformative changes that Sitapati can usher in.