Godrej Industries share price touched a 52-week high of Rs 894.85 in the early trade on January 8, the second such gain recently, after the company signed a non-binding memorandum of understanding (MoU) with the Gujarat government.
As part of the MoU, the company may invest Rs 600 crore over the next four years to expand operations in Valia. Godrej Industries already has a manufacturing facility at Valia in the Bharuch district, which produces a wide range of oleo chemical products derived from organic material.
The strategic collaboration underscores the firm's commitment to growth, innovation, and contributing to the economic development of the region, Godrej Industries (Chemicals) CEO Vishal Sharma said.
The company was confident "that the investment will not only enhance our operational capabilities but also create significant employment opportunities and foster economic prosperity”, Sharma said.
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At 10.08 am, the stock was trading at Rs 877.35, up 3.73 percent from the previous close.
The share, which touched a 52-week high of Rs 854.50 on the BSE, has jumped more than 100 percent over the past nine months.
It is trading comfortably above key moving averages, including the 12-week and 26-week exponential moving (EMA). This alignment with the moving averages not only supports the positive momentum but also enhances confidence in the stock's upward trajectory, said Vidnyan Sawant, AVP Technical Research, GEPL Capital.
Sawant anticipates price to move up further, targeting Rs 903 and recommends a a stop-loss at Rs 784.
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