Mishtann Foods hit an upper circuit limit of 5% at Rs 18.95 after the company said it signed a pact with the Gujarat government to set up a project for manufacturing grain based ethanol in the state.
Mishtann Foods has signed a memorandum of understanding with the Government of Gujarat on 27 December 2021, for the proposed project of manufacturing of grain based ethanol at Gujarat.The proposed expansion is subject to various regulatory approvals and clearances. The company said it will announce any such development as and when any concrete decision is reached in such matters.
India aims to sell only blended petrol with 20% ethanol (E20) from 2025-26. It will help in reducing emissions of carbon dioxide, hydrocarbons, etc. It will help reduce the oil import bill, thereby saving foreign exchange and boosting energy security.
Net profit of Mishtann Foods surged 16150% to Rs 6.50 crore on 24.14% rise in net sales to Rs 125.06 crore in Q2 September 2021 over Q2 September 2020.
Mishtann Foods produces and sells wheat, toor dal and basmati rice under the brand name Mishtann in India.
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