Shares of Gujarat Ambuja Exports were trading green and reached an intraday high of Rs 264.30 on 24 August after the company announced that it had received approval to set up a new corn-wet milling plant in Gujarat.

The company said in its exchange filing that it had received approval from the Gujarat state’s pollution control board to set up a greenfield corn wet milling plant at Himmatnagar in Gujarat.

The new plant will have the capacity to process corn up to 900 tonnes per day; with the commissioning of the plant, the company’s aggregate maise processing capacity of the company across its five facilities to 6,000 tonnes per day.

Gujarat Ambuja Exports is involved in the processing and trading of agricultural commodities and is the largest maise processing company in India, and is ranked second in terms of soybean crushing capacity.

The company specialises in producing starch derivatives, maise-based products, and cotton yarn.

The company’s quarterly report for the April-June quarter was on the gloomy side after the company reported a 38.26% YoY decline in net profit to Rs 71 crore and an 8.64% YoY decline in revenue after operations at Rs 1,163 crore.

At 3:30 pm, the shares of Gujarat Ambuja Exports closed at Rs 259 or 5.56% above its previous close of Rs 245.35 on NSE.