Gulshan Polyols Secures Rs 571.50 Crore Ethanol Supply Contract, Shares Surge 4%

5 Dec 2023 , 02:58 PM

Gulshan Polyols’ shares rise by 4% to Rs 232 in early trade following the company’s contract win to supply ethanol to oil marketing companies (OMCs). The company secures a contract for supplying 89,404 kilolitres of ethanol from its 500-KLPD ethanol plant at Boregaon, with an order value of Rs 571.50 crore. The supply of ethanol is mandated until October 31, 2024, as mentioned in the company’s statement.

Despite a 76% fall in net profit during the September quarter, Gulshan Polyols has seen fluctuations, hitting a 52-week high of Rs 274.95 and a low of Rs 159.17 on July 4, 2023, and March 29, 2023, respectively. Currently, the stock is trading 15.84% below its 52-week high and 45.38% above its 52-week low.

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