Ruchi Soya up 8% on oil palm plantation deal with Arunachal

Shares of edible oil maker Ruchi Soya Industries today surged over 8 per cent after the company signed an agreement with Arunachal Pradesh for oil palm plantation on additional 25,000 hectares land.
The scrip jumped 7.74 per cent to settle at Rs 23.65 on BSE. During the day, it soared 11.84 per cent to Rs 24.55.
On NSE, shares of the company gained 8.21 per cent to end at Rs 23.70.
In terms of volume, 4.93 lakh shares of the company were traded on BSE and over 23 lakh shares changed hands at NSE.
Ruchi Soya Industries recently signed a memorandum of understanding (MoU) with Arunachal Pradesh government to boost palm oil production through development of quality palm plantations and human capacity building, the company said in a statement today.

Under the pact, Ruchi Soya will promote and encourage development of oil palm in 25,000 hectares in four districts - West Siang, East Kamang, Lower Subansri and Papumpare.
With this agreement, Ruchi Soya has obtained permission for oil palm development in 45,000 hectares, covering five districts in Arunachal Pradesh.
The company has a turnover of USD 4 billion. Its brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.