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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 50% holding company discount (in line with historical average), Godrej Industries' value works out to Rs 501 per share.
At current market prices of the listed subsidiaries and associates, Godrej Industries' value works out to Rs 497 per share. The stock trades at a discount of 60% to combined market value of subsidiaries and associates.
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