In a BSE filing made post market close yesterday, the company said that the Department of Horticulture, Government of Telangana, vide its order dated 16 December 2020, has allotted area admeasuring 28,164 hectares in the Mahabubabad district of Telangana to the company, for the purpose of oil palm cultivation/expansion.

"The said allotment is subject to execution of memorandum of agreement and completion of other procedural requirements by the company, within such time and in such manner as specified by the said Government,” the company said in a statement.

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 jumped 12.5% to Rs 115.51 crore on 7.4% decline in net sales to Rs 1,710.90 crore in Q2 September 2020 over Q2 September 2019.

In the past one month, the stock has gained 9.86% while the benchmark S&P BSE Sensex has added 6.22% during the same period.