Godrej Agrovet jumps 4% as firm signs MoU with 3 states on oil palm cultivation

NEW DELHI: Shares of Godrej Agrovet advanced 4 per cent in Tuesday's trade after the diversified agribusiness company signed MoUs with the governments of Assam, Manipur and Tripura for the development and promotion of oil palm cultivation under the National Mission on Edible Oils-Oil Palm scheme.

As per the MoU, the company will be allotted land in the three states for the promotion and development of sustainable palm oil plantations in the region.

Following the development, the stock rose 3.63 per cent to hit a high of Rs 532 on BSE. The stock has an average target price of Rs 620, based on nine analyst estimates, as per Trendlyne, suggesting a 17.4 per cent potential upside.


Godrej Agrovet's palm oil is currently present in Andhra Pradesh, Telangana, Tamil Nadu, Orissa, Goa, Maharashtra, and Mizoram.

Its range of products, including crude palm oil, crude palm kernel oil and palm kernel cake, are produced at its six oil palm mills spread across the country.

In August 2021, the government launched the National Mission on Edible Oils-Oil Palm scheme with a planned outlay of Rs 11,040 crore.

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