Godrej Agrovet Shares In Green After Procuring Land Allotment For Palm Cultivation

Godrej Agrovet, one of the companies from the house of Godrej, is travelling against the tide on Monday, December 16. This came to pass, as the shares made gains in the intraday trading session. This surge in its prices is being attributed to the recent deal that the processing company bagged.

Godrej Agrovet Gets Land Allocation

The Gujarat government recently allotted land in three of its districts for the expansion of oil palm cultivation under the palm oil mission.

These three districts, Surat, Vadodara, and Tapi, are located in the southern part of the state, closer to Maharashtra.

This move is in line to make India more self-reliant, to meet its oil demands. India is the second-largest importer of oil in the world. In this, about 60 per cent of the country's requirements are satisfied by imports from other countries, including Malaysia and Indonesia. Indonesia dominates the market.

Market Decline Sweeps Surge Aside

When we take a closer look at the company shares, the Godrej Agrovet stock opened at Rs 783.50, much higher than its previous close of Rs 768.50 per share. The share value even surged to Rs 793.95. However, the larger market lull appears to have had an impact on the company shares as well.

For context, the BSE Sensex, at the time of writing, declined by 0.48 per cent or 391.80 points, In addition, at the NSE, the Nifty lost 0.38 per cent or 93.90 points of its value.

Godrej Agrovet Shares

This decline impacted the performance of the company, as the shares of the company rose significantly at the beginning of the day's trade.

After a major rise, the surge dissipated a little. At the time of writing, the shares of the company rose by 0.85 per cent or Rs 6.50. This took the overall value of the company shares to Rs 775.00 at 13:38 IST. In addition, the past five days alone, the company shares have risen by over 1.1 per cent.