Godrej Agrovet rallies upto 5% on signing MOUs with 3 States

23 Aug 2022 , 03:32 PM

Godrej Agrovet Limited’s counter soared up to 5% in Tuesday’s trade as the company announced the signing of MoUs under the National Mission on Edible Oils-Oil Palm plan with the governments of Assam, Manipur, and Tripura for the development and promotion of oil palm production.

According to the agreement, the corporation will be given land in the three states to promote and grow sustainable palm oil plantations in the region.

Currently, Godrej Agrovet’s palm oil marks a presence in Andhra Pradesh, Telangana, Tamil Nadu, Orissa, Goa, Maharashtra, and Mizoram.

The government has launched the National Mission on Edible Oils-Oil Palm initiative in August 2021, with a budget of Rs11,040 crore.

Godrej Agrovet’s product range consists of crude palm oil, crude palm kernel oil, and palm kernel cake, which are manufactured in six oil palm mills located around the country.

At around closing, Godrej Agrovet was closing 1.61% higher at Rs522, against the previous close of Rs513.75 on NSE.