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ICICI Securities Report
Godrej Industries Ltd. generates major value from its listed subsidiaries and associates viz. Godrej Consumer Products Ltd., Godrej Properties Ltd. and Godrej Agrovet Ltd.
As per our target prices for Godrej Consumer, Godrej Properties and Godrej Agrovet and 40% holdco discount, Godrej Industries Ltd.'s value works out to Rs 623/share.
At current market prices of the listed subsidiaries and associates, the company's value works out to Rs 665/share.
The stock trades at a discount of 55% to combined market value of subsidiaries and associates.
We believe the subsidiaries as well as associates of Godrej Industries to be net beneficiaries of revival in economy.
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