Shares of Godrej Industries Ltd. rose on Monday after it signed a non-binding memorandum of understanding with the Gujarat government to invest Rs 600 crore to expand operations.
The investment is expected to generate 250 employment positions, according to an exchange filing. Godrej Industries already has a facility in Valia in Gujarat's Bharuch district, which makes oleochemical products derived from organic material.
Shares of Godrej Industries rose 6.76%, the highest since May 14, 1990 when it was listed on BSE. It pared gains to trade 4.43% higher at 10:25 a.m., compared to a 0.09% decline in the NSE Nifty 50.
The stock has risen 93.08% in last 12 months. Total traded volume so far in the day stood at 7.3 times its 30-day average. The relative strength index was at 87.66, implying that the stock may be overbought.
The one analyst tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 96.2%.
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