Godrej Agrovet soars after promoter raises stake

Shares of Godrej Agrovet surged 11.11% to Rs 640.45 after the company's promoter Godrej Industries hiked stake in the company.

According to BSE bulk deals data, Godrej Industries acquired 9,76,047 shares (0.51% equity) of Godrej Agrovet via the open market at an average price of Rs 570 a share.

Balram Singh Yadav, an individual investor, holding about 2.2% stake in the company as of 31 March 2020, sold 10 lakh shares (0.52% equity) of the company at an average price of Rs 570.01 apiece yesterday, the bulk deals data showed.

Promoter Godrej Industries held 59.90% stake in the company as on 31 March 2021.

The scrip of food and agri conglomerate extended its winning streak for third consecutive session. The stock has added 15.31% in three sessions, from its recent closing low of Rs 555.40 on 18 June 2021.

Godrej Agrovet is a diversified, Research & Development focused agri-business company. It holds leading market positions in the different businesses in which it operates - animal feed, crop protection, oil palm, dairy and poultry and processed foods.

The company's consolidated net profit slipped 8.4% to Rs 63.4 crore on 2.4% fall in net sales to Rs 1,455.25 crore in Q4 FY21 over Q4 FY20.

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