Geometric Godrej group’s IT are has been steadily inching up over the past couple of weeks largely due to open market purchases by one of the promoter group.
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The stock has arisen 18% during this period and closed at Rs 49.20 on Wednesday up nearly 1% over the previous close. Godrej investments the group’s investment arm has raised its stake in the company to 10.7% from 10.39% as on September 30. The company has posted an earning per share of Rs 3 for the first half of the current financial year after having reported a net loss For FY09. The market is interpreting the recent promoter purchase as a sign that the performance could be sustained for the remainder of the year.
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