India Glycols zooms 13% on Rs 1,164-crore ethanol supply order

Shares of India Glycols Limited surged 13 percent to Rs 794 in early trade on December 19 after the company announced that it has secured orders worth Rs 1,164 crore for the supply of ethanol under the Ethanol Blended Petrol Programme.

Bharat Petroleum Corporation Limited (BPCL),Indian Oil Corporation Limited (IOCL) Hindustan Petroleum Corporation Limited (HPCL), Reliance Industries Ltd and Nayara Energy Limited are the entities that have awarded the orders, India Glycols said in a regulatory filing on December 19.

At 9:21am, the India Glycols stock was trading at Rs 767, up 9.3 percent from the previous close on the NSE. In the last six months, the stock has gained over 14 percent on the exchanges.

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As per a regulatory filing, OMCs have placed an order for 12.8 crore litres amounting to Rs 896 crore while oil companies placed an order for 3.75 crore litres totalling to Rs 268 crore. The total amount, including OMCs and Oil companies, is about Rs 1,164 crore for approximately 16.55 crore litres of ethanol.

The company manufactures green technology-based bulk, speciality and performance chemicals and natural gums, spirits, industrial gases, sugar and nutraceuticals. The company was established as a single mono-ethylene glycol plant in 1983.

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