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Amid easing logistics challenges, multibagger stock signs MoU with Uttarakhand govt

The MoU involves fresh investments to establish various value chains and projects related to end-to-end agri-business operations, farming, and rural ecosystem development.

Nitin Kumar Edited By: Nitin Kumar @Niitz1 New Delhi Published on: November 30, 2023 23:41 IST
Uttarakhand
Image Source : FREEPIK Farm combine harvester in a large agricultural field.

The government annually spends over Rs 6.5 lakh crore for the agriculture sector and farmers. Apart from providing incentives for farmers and putting in place policies to boost overall productivity, the government, on its part, has taken several initiatives to address the challenges of logistics in the agricultural sector. 

While the focus has been on enhancing output, the need to smooth the logistics and supply chains in the sector has drawn attention. Riding high on government policies, Prime Fresh Limited, a small stock company that is engaged in farm supplies, has signed a MoU with the BJP government in Uttarakhand.

According to an official statement on BSE, its associates and partners will make fresh investments to establish various value chains and end-to-end agri business operations-related projects such as farming, rural ecosystems development, etc.

"The MoU will help in expanding operations in Uttarakhand and add value to the entire agri-value chain ecosystem," it said.

With a network of over 1 lakh farmers and 2,400 suppliers, it has a presence across 17 states. 

Notably, the government has been working on various initiatives and new projects to ease the supply of farm produce directly to consumers.

Listed on the BSE, Prime Fresh stocks have given 516 per cent returns in two years and 725 per cent in three years. In H1FY24 (first six months of the current financial year), its revenue from operations surged by 44 per cent. The profit after tax during the same period grew by 19 per cent on YoY basis, reaching Rs 284.88 lakhs.

India’s agrarian sector supports a vast majority of the rural population. The sector contributes around 16-17 per cent to the GDP and employs about 60 per cent of the total population.

Also read | Tata Tech makes blockbuster stock market debut, shares list with huge premium of 140 %

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