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Food and agriculture conglomerate Godrej Agrovet Ltd. has sold nearly 4 acres of land in Tamil Nadu for Rs 71.36 crore.

The company entered into two separate sale deeds dated December 12 for the transfer of total land admeasuring approximately 3.92 acres situated at Ambattur, Tamil Nadu.

Of the total 3.92 acres sold by Godrej Agrovet, 3.27 acres have been purchased by Minerva Veritas Data Centre Pvt. Ltd. for approximately Rs 59.53 crore.

The other agreement has been signed with Godrej and Boyce Manufacturing Co Ltd. for the sale of land admeasuring approximately 0.65 acres for Rs 11.83 crore.

Also Read: Shares of this food and agri conglomerate are back to their IPO price

After the announcement, shares of Godrej Agrovet opened in the green on Tuesday, rising 1.6 percent to trade at Rs 488.60 apiece. The stock has shed nearly 10 percent of its value over the past year compared to a 6 percent rise in the benchmark Sensex during the same period.

During the September quarter, Godrej Agrovet reported revenue growth of 13.5 percent year-on-year. However, profit after tax (PAT) declined 38 percent, while the PAT margin fell 214 basis points compared to a year ago.

In a post-earnings note dated November 7, ICICI Securities recommended to ‘add’ the stock with a target price of Rs 501.

Shares of Godrej Agrovet are trading at Rs 488.95, up 1.57 percent.

(Edited by : Rukmani Krishna)

First Published:Dec 13, 2022 11:14 AM IST