Shares of Godrej Consumer Products Ltd. gained on Wednesday on plans to raise Rs 5,000 crore through bond sales.
The board of the company will meet on May 10 to consider raising funds by issuing non-convertible debentures in an amount of up to Rs 5,000 crore in one or more tranches, according to an exchange notification.
Shares of the company rose 2.49% to Rs 946.9 apiece, compared to a decline in the benchmark NSE Nifty 50 by 0.19% as of 11:18 a.m.
The stock advanced as much as 3.54% intraday, rising the most since Jan. 5.
Total traded volume so far in the day stood at 6.3 times its 30-day average.
Out of the 38 analysts tracking the company, 29 maintain a 'buy' rating, seven recommend a 'hold,' and two suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 8.6%.
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