Gulshan Polyols stock locks at new 52-week high after receiving long-term offtake order from major state-run OMCs

10 Jan 2022 , 01:16 PM

Gulshan Polyols stock hits upper circuit and new all-time high on Monday after receiving a long-term offtake order from major oil marking companies (OMCs) namely Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL).

The company bags a long-term offtake agreement with the mentioned OMCs for setting up of upcoming Standalone dedicated ethanol plant of 500 KLPD at MP AK V N Industrial Area, Borgaon, Tehsil Sausar, Distt. Chhindwara, Madhya Pradesh in ethanol deficit states for supply of Indigenous Denatured Anhydrous Ethanol to the OMCs under Ethanol Blending Petroleum Program to meet ethanol requirements for 20 % blending by the year 2025 by using com/maize and rice combination.

The agreement for a standalone dedicated ethanol plant of 500 KLPD order will be effective from January 15, 2022, and valid for 10 years, offered jointly by and executed with i.e IOCL, BPCL & HPCL for an annual off-take quantity of 8.91 Crores Litres per annum of Ethanol.

Further, the company signed an agreement with the OMCs for setting up of upcoming Standalone dedicated ethanol plant of 250 KLPD at Industrial Growth Centre, Malia, District Goalpara-783101 in ethanol deficit states for supply of Indigenous Denatured Anhydrous Ethanol to OMCs under Ethanol Blending Petroleum Program to meet ethanol requirements for 20 % blending by the year 2025 by using com/maize and rice combination.

The long-term agreement for 250 KLPD will be effective from order(s)/contract(s) awarded in brief January 15, 2022, and valid for 10 years, offered jointly by and executed with i.e IOCL, BPCL & HPCL for an annual off-take quantity of 3 .96 Crores Litres per annum of Ethanol.

At around 1.12 pm, Gulshan Polyols was trading at the upper circuit of Rs331.25 per piece up by Rs15.75 or 4.99% on Sensex. This stock level is also the new 52-week high on the exchange.