Kaveri Seed gains on starting operations at new facility

The company announced that its new unit at Telangana has commenced operations

Shares of Kaveri Seed were up nearly 6% after the company announced that it has commenced operations at its new facility located at Molangur Village, Shankarapatnam Mandal, Karimnagar District in the state of Telangana.

The new facility is spread across 14 acres with a built-up area of around 1,95,000 sq. feet. It has installed capacity of 10 to 20 tonnes (paddy/maize) of production per hour based on the crop, the company said in a release.

The new facility has been built at a cost of over Rs 21 crore, the release added.

The stock opened at Rs 395 and touched a high of Rs 408. At 10:35am, over 1 million shares were traded on both the stock exchanges.