The Hindu Business Line : Godrej Consumer in creeping acquisition

Promoters of Godrej Consumer Products have started exercising the creeping acquisition route, as the limits for such acquisition has been relaxed to 75 per cent. Mr Adi Godrej, Chairman of GCPL told this to Motilal Oswal Securities recently, the brokerage said in a note on Wednesday. The company was also considering buyback of shares from the open market, Mr Godrej had said. GCPL, though has weakened in the current meltdown, fared relatively better than many. The stock on Thursday closed at Rs 111, down 2.42 per cent. But it still remained in the green on monthly terms; its recorded a gain of 2.78 per cent. Motilal Oswal estimated that improved margins would result in PAT growth accelerating to 31 per cent in FY10 versus just 2 per cent in FY09. — Jayanta Mallick

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