 "Gulshan Polyols soars 18% on getting ethanol supply order worth Rs 994 cr")
Gulshan Polyols shares zoomed 18.4 per cent in trade and clocked an intraday high of Rs 234.3 per share on the BSE. The buying in the stock sparked after the company was allocated approval to supply ethanol worth over Rs 993.94 crore to various oil marketing companies (OMCs).
OMCs, inluding BPCL, IOCL and HPCL, are organisations involved in the refining, distribution and marketing of petroleum products.
At around 12:56 PM, Gulshan Polyols shares were up 16.35 per cent at Rs 230.15 per share. In comparison, the BSE Sensex was up 0.39 per cent at 80,535.19 around the same time. The market capitalisation of the company around the same time stood at Rs 1,435.46 crore.
"This is to inform you that Gulshan Polyols Limited had participated in a tender floated by Oil Marketing Companies (OMCs) under EBPP for Ethanol Supply Year (ESY 24-25) at their various locations across the country and the company has been allocated with a quantity of 1,42,222 Kiloliters of ethanol having an estimated order value of Rs 993,94,31,620 (Rs 993.94 crore) for (ESY 24-25)," the filing stated.
ESY refers to ethanol supply year which is a specific timeframe used in the production, distribution, and consumption of ethanol, particularly in the context of biofuels.
OMCs use ethanol for several reasons, primarily related to blending with gasoline and meeting regulatory requirements. The use of ethanol by OMCs aligns with environmental goals, regulatory requirements, and market dynamics, making it a strategic choice for fuel formulation.
The order has been allotted by Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL), and Hindustan Petroleum Corporation Limited (HPCL).
Also Read
Gulshan Polyols is an Indian company involved in the production and distribution of various chemical products, particularly in the field of specialty chemicals and food additives. The company specialises in manufacturing a range of products such as sorbitol, a sugar alcohol used in food, pharmaceuticals, cosmetics, glycerin, calcium carbonate and other additives.
The company focuses on quality and sustainability in its manufacturing processes, aiming to meet both domestic and international market demands. The company emphasises research and development to innovate and improve its product offerings.
Gulshan Polyols has a strong presence in both domestic and international markets, catering to various industries with a focus on quality and sustainability. The company was established in 1986.
The company is based in India and has established itself as a prominent player in the specialty chemicals sector.
In the past one year, Gulshan Polyols share price has declined 1.16 per cent, compared to the BSE Sensex's rise of 24 per cent during the period.