Hot Pursuit     24-Aug-23
Gujarat Ambuja jumps on securing NOC for Gujarat plant
Gujarat Ambuja Exports (GAEL) surged 5.69% to Rs 259 after the company received consent to establish (NOC) from the Gujarat Pollution Control Board for setting up a milling plant in Gujarat.
The consent was received on 23 August 2023 to set up a 900 tons per day (TPD) greenfield corn wet milling plant at Himmatnagar in Gujarat.

With this, GAEL will have a combined maize processing capacity of 6,000 TPD at five locations.

GAEL is involved in the manufacturing of corn starch derivatives, soya derivatives, feed ingredients, cotton yarn, and edible oils. The company serves the food, pharmaceutical, feed and many other industries with a long term growth strategy in the agro-processing sector.

The company reported 38.1% fall in consolidated net profit to Rs 70.90 crore on 8.6% decline in net sales to Rs 1,162.99 crore in Q1 FY24 over Q1 FY23.

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