Gulshan Polyols bag orders worth Rs 191.58 crore from OMCs; stock rallies ~8%

15 Dec 2022 , 11:20 AM

Gulshan Polyols Limited participated in a tender floated by Oil Marketing Companies (OMCs) inviting various molasses and grain-based distilleries to supply Ethanol at their various locations across the country until October 31, 2023.

Following the conclusion of the Second Round of Offerings, Gulshan Polyols was allocated 22209.2 Kilolitres of Ethanol from its existing 60KLPD Boregaon Plant with an order value of Rs137.18 crore to be delivered to the Oil Marketing Companies (OMCs).

Furthermore, the Company has received an order for the supply of 9300 Kilolitres of Ethanol from the upcoming 500 KLPD Ethanol plant at Boregaon (supply is expected to begin in April 2023) to Nayara Energy Limited with an order value of Rs 54.40 crore.

The OMCs granting the order includes Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL), and Hindustan Petroleum Corporation Limited (HPCL).

At around 11.23 AM, Gulshan Polyols’ stock was quoted at Rs264.75 up by 7.67% from its previous closing of Rs245.90 on the BSE. The scrip opened at Rs269.90 and touched intraday high and low of Rs278 and Rs260.55 respectively.

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