Shares of Godrej Industries rose nearly 11% on Thursday after Godrej Industries Group announced a new purpose, brand identity and ambition for its next phase of growth. 'Crafting tomorrow since 1897' is the new purpose of the Godrej Group. 

Amid a track record of robust growth, the 129-year old group is now targeting to achieve a combined market capitalization of Rs 5 lakh crore over the next five years. For this, the Group intends to expand from three (Godrej Consumer Products, Godrej Properties, and Godrej Agrovet) to five publicly listed platforms. 

Pirojsha Godrej, Chairperson Designate of Godrej Industries Group and executive chairman of Godrej Properties, said, "Crafting tomorrow since 1897 reflects the belief that values and results must go hand in hand. As we scale, this philosophy will continue to guide how we build businesses that are both successful and responsible." 

Pirojsha Godrej is the son of billionaire industrialist and Chairman Emeritus of the Godrej Group Adi Godrej. 

According to a LiveMint report, Pirojsha plans to list Godrej Capital and Godrej Chemicals and double market share in the real estate sector.

Buoyed by the developments, shares of Godrej Industries climbed 10.62% in the morning deals to Rs 1043.40 against the previous close of Rs 943.15 on BSE. Market cap of the firm rose to Rs 33,411 crore.

Shares of other Godrej Group firms Godrej Agrovet and its arm Astec Lifesciences rose 1% each. On the other hand, Sensex crashed 544 points to 77,971 and Nifty fell 109 pts to 24,269 in the afternoon session today.       

The Group has clocked over 20% CAGR in sales and net profit each  over the past five years. It has outlined ambitions for the next phase of growth, including over 15% annual sales growth and over 20% EPS growth as a Group. 

The Group also expects each business to deliver over 18% return on equity at steady state. 

Godrej Industries is the leading player in India across several business categories, including residential real estate, animal feed, crude palm oil, oleochemicals, household insecticides, hair colour, and air care.