Godrej Agrovet Stock Rallies 5.43% After Bagging 47,000 Acre Land For Oil Palm In Telangana

The shares of Godrej Agrovet Limited rises 5.43% today upon Bagging 47,000 Acre Land. The company in a press release, informed that the company allotted a potential area of 47,000 Acre in Sangareddy District of Telangana by the Department of Agriculture and Cooperation (Horticulture & Sericulture), Government of Telangana. The allotted area will be utilized by the company to expand cultivation of Oil Palm and to set up Oil Palm processing units.

Godrej Agrovet allotted land for Oil Palm in Sangareddy District of Telangana

In a press release, the company said, "Godrej Agrovet's (GAVL) Oil Palm business today announced that the company has been allotted potential area of 47,000 Acre in Sangareddy District of Telangana. Allocated by Department of Agriculture and Cooperation (Horti. & Seri.), Government of Telangana, the allotted area will be utilized by the company to expand cultivation of Oil Palm and set up Oil Palm processing units."

Commenting on the allocation, Balram Singh Yadav, Managing Director, GAVL said," We are delighted to receive additional district in the fresh allotment released by the Government of Telangana. It is a testimony of GAVL's commitment and efforts to boost oil palm plantation and promote farmer prosperity in the region. We would like to thank Government of Telangana for their support and commitment to this initiative which will benefit the farmers."

"Our expertise of more than three decades in the oil palm business has enabled us to provide variety of resources in addition to educating farmers on sustainable oil palm plantation processes. That said, some more aggression and support from state would have definitely come long way in doing its bit to reduce nation's dependency on the oil palm imports in the coming years," he further added.

Recently, GAVL inaugurated an edible oil refinery at Chintalapudi, Eluru district. This is GAVL's first downstream project for value-added products in oil and fats and will help cater captive needs originating from the company's oil palm work in the southern states along with demand from other crude palm oil players in the region.

Stock Movement

Meanwhile, following the announcement, the shares jumped over 5%, ended at Rs 499.05 per share on BSE. It gave 7.58% positive return in the past 1 week, while in the past 1 and 3 months, the shares jumped 14.37% and 8.60%, respectively.

In the past 1 and 2 years, the shares declined 2.78% and 24.22%, respectively. It jumped 11.12% in the past 3 years and declined 17.46% in the past 5 years.

Its 52-week high is Rs 560 per share, recorded on Sep 13, 2022, and 52-week low is Rs 391.20 per share, recorded on Mar 28, 2023, respectively.

About - Godrej Agrovet Ltd.

Godrej Agrovet Limited (GAVL) is a diversified, Research & Development focused food and agri-business conglomerate, dedicated to improving the productivity of Indian farmers by innovating products and services that sustainably increase crop and livestock yields. GAVL holds leading market positions in the different businesses it operates - Animal Feed, Crop Protection, Oil Palm, Dairy, Poultry and Processed Foods. GAVL has a pan India presence with sales of over a million tons annually of high-quality animal feed.