Murugappa group stocks add up to 5

Murugappa group stocks add up to 5.55% in trade as family resolves internal dispute

As the Murugappa family resolved their internal dispute, the Murugappa Group companies’ share prices gained in trade. The group’s ten listed companies gained up to 6% on Monday, with Carborundum Universal adding the most. The Murugappa family settled on an agreement following the disputes that arose after the passing of the late MV Murugappan, between the branch of the family that includes Valli Arunachalam and Vellachi Murugappan, and the remaining family members.Murugappa Group companies’ share prices

In a remarkable trading session today, the shares of Murugappa Group companies exhibited strong gains, mirroring the upbeat mood in the broader market. Leading the pack, Carborundum Universal surged by an impressive 5.55%. Cholamandalam Investment and Finance Company, and Coromandel Engineering Company advanced 3.47% and 4.05%, respectively. Cholamandalam Financial Holdings and Coromandel International witnessed decent gains, registering 2.94% and 2.22% gains respectively. E.I.D.-Parry (India) added 2.82%, while Tube Investments of India notched a 3.05% rise. However, CG Power and Industrial Solutions saw a mixed bag, initially climbing by 1.25% before slipping 2.01%. Shanthi Gears and Wendt (India) also contributed to the bullish sentiment, gaining by 3.64% and 4% respectively.

As part of the family arrangement, the parties have also agreed that all legal proceedings between the family groups will be withdrawn as per the terms of the family arrangement after all agreed steps specified in the family settlement have been completed. The statement, however, said that “no listed company forming part of the Murugappa Group is a party to the family arrangement, and nothing in the family arrangement relates to the management or control of, or grants any special rights to the parties in, any such companies”.

Quoting family representatives, the statement said, “The family arrangement ensures that all the issues between the members will be settled, and they are happy that they have agreed to resolve this amicably. The terms of the family arrangement itself are confidential.”

About the Murugappa group

The Rs 74,200-crore Murugappa group, which began in the banking markets of Burma in the 1900s, currently operates 29 businesses catering to diverse markets around the world. It has a presence in 40 countries across six continents employing over 73,000 employees. Its businesses span from agriculture, engineering, and financial services to others such as tea, rubber, construction, polymer fabrics, textiles and travel solutions.

(With agency inputs.)