Godrej Agrovet gains 5% after land allotment for palm oil business

Recently Godrej Agrovet inaugurated an edible oil refinery at Chintalapudi in Andhra Pradesh’s Eluru district

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Godrej Agrovet shares gained 5 percent on July 18 after the company was allotted land for its palm oil business.

The shares closed 5.42 percent down at Rs 489.20 on the National Stock Exchange.

The Department of Agriculture and Cooperation of the Telangana government allotted 47,000 acres of land in Sangareddy district on July 18, said the company in an exchange filing. The allotted area will be used to cultivate palm oil and set up palm oil refining units.

Recently Godrej Agrovet inaugurated an edible oil refinery at Chintalapudi in Andhra Pradesh’s Eluru district. The company’s first downstream project for value-added products in oil and fats will cater to the needs in the southern states along with demand from other crude palm oil players in the region.

Godrej Agrovet’s palm oil business makes up 13 percent of its overall revenue. The revenue from the palm oil business has fallen 22 percent to Rs 146 crore year-on-year in the January to March quarter. It fell 2.4 percent in FY23 as compared with FY24. Though volume growth was strong, the business was impacted due to low palm oil prices this year, the company said.

Godrej Agovet holds leading positions in animal feed, crop protection, palm oil, dairy, poultry, and processed foods.