Godrej Agrovet hits highest level since listing

The stock rallied 10% to Rs 667 on the BSE in early morning trade, was up 45% against issue price of Rs 460 per share

Godrej Agrovet  rallied 10% to Rs 667 on the BSE in early morning trade in otherwise subdued market on back of heavy volumes.

The stock of Godrej Group Company was up 45% against issue price of Rs 460 per share hit its highest level since listing on October 16, 2017. It made a strong debut by gaining 30% to close at Rs 596 on debut day.

After listing, till February 2, 2018, before announcing December quarter (Q3FY18) results, it underperformed the marking by falling 6% against 5% rise in the S&P BSE Sensex. Post Q3FY18 earnings, the stock surged 19% against 0.17% decline in the benchmark index.

Godrej Agrovet is an agri-business company with operations in five business verticals - animal feed, crop protection, oil palm, dairy, and poultry and processed foods.

Godrej Agrovet reported a 7% year-on-year (YoY) increase in revenue and net profit in Q3FY18. The company said operational revenue during the quarter was adversely affected due to Goods and Services Tax (GST) which came into effect from July 1, 2017. The revenue was also subdued due to lower commodity prices, it added.

At 10:53 am; the stock was trading 7% higher at Rs 645 on the BSE against 0.13% decline in the Sensex. A combined 958,659 shares changed hands so far as compared to an average sub 300,000 shares were traded daily in past two weeks on the BSE and NSE.