Godrej Agrovet Gains On Palm Oil Cultivation Deal
The stock moved above the 200-day simple moving average, indicating potential upward price momentum.
Shares of Godrej Agrovet Ltd. gained 5% in intraday on signing a deal with three states to develop palm oil plantations. The stock closed with over 1.5% gains, best day in over a week.
The deal signed with the governments of Assam, Manipur and Tripura would allocate land in these states to the agribusiness company to develop and promote oil palm cultivation under National Mission on Edible Oils-Oil Palm scheme, the company said in its exchange filing.
Shares of the company jumped over 5%. Trading volume was more than 10 times the 30-day average, when markets closed. The share price crossed the 200-day simple moving average, indicating potential upward price momentum.
Of the 10 analysts tracking the company, eight maintain 'buy' and one each suggests a 'hold' and a 'sell', according to Bloomberg data. The 12-month consensus price target implies an upside of 14.3%.