BCL Industries to supply ethanol worth Rs 516 cr to OMCs, shares jump 11.5%

BCL Industries was selected for supply of 8.20 lakh liters of ethanol to OMCs

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BCL Industries stock jumped 11.5 percent as the firm has been selected to supply ethanol worth Rs 561 crore to OMCs.

The firm, along with its subsidiary, Svaksha Distillery, participated in a tender floated by OMCs inviting various molasses and grain-based distilleries to supply ethanol. BCL Industries has been selected for the supply of 8.20 lakh liters of ethanol for a period from November 2023 to April 2024.

As of 11.08am, shares of BCL Industries were trading at Rs 58.6 per share on the NSE, higher by 8.32 percent.

The company’s arm Svaksha Distillery also bagged an order to supply ten thousand liters of ethanol to Reliance Industries, with an order value of Rs 6.73 crore.

For the quarter ended September, the net profit came in at Rs 17.96 crore in September 2023, up over 2000 percent from Rs 80 lakhs in September 2022. The net sales were at Rs 480.71 crore in September 2023, up 6.26 percent year-on-year from the corresponding quarter in the previous fiscal.

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So far in 2023, the stock price has surged 81.27 percent. In comparison, the NSE Nifty 50 index gave investors returns of 13.02 percent during the same time period. Over the last five years, the stock has skyrocketed 450 percent.

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