Shares Of Venky's Gain Over 7% After Malaysia Allows Egg Imports From India
Venky's India's had said it is the fourth largest producer of specific pathogen free eggs in the world.
Shares of Venky's India Ltd. gained over 7% after Malaysia allowed the entry of chicken eggs from India amid a supply shortage.
"The ministry has today allowed the entry of chicken eggs from India via air as a trial phase to ensure imported chicken eggs meet all set standards," Malaysia's Minister of Agriculture and Food Security Mohamad Sabu said in a statement.
The minister said Malaysia has brought in chicken eggs from foreign countries to compensate for the "short supply of eggs that the country has been facing for the past few months."
Venky's India said in an earnings release earlier this year that it is the fourth largest producer of specific pathogen-free eggs in the world.
In the statement, the minister added that health test results indicated that the imported chicken eggs are free of any disease and that the ministry has "agreed to grant temporary permission while the entry of chicken eggs from outside sources is permitted, and this permission will be reviewed when the egg supply in the country restores stability."
In response to the news, Venky's India stock rose 7.1% to Rs 2,124.95 per share.