Ethanol maker BCL Industries shares rally 10% – check trigger
BCL Industries’ share price surged 10% to ₹68.90 amid heavy buying, driven by reports of potential ethanol price hikes and government efforts to achieve 20% blending by 2025-26. The stock traded 6% higher at ₹66.55, with volumes jumping over 100%. BCL Industries is a leading ethanol manufacturer, poised to benefit from policy changes.
BCL Industries Share Price Today: Shares of ethanol maker BCL Industries on Wednesday gained 10 per cent amid heavy buying. Today’s rally in the counter was accompanied by rise in investors participation.
The smallcap stock opened in the red at Rs 62.50 apiece against the previous close of Rs 62.71. The stock bounced back to make a high of Rs 68.90, up 9.87 per cent. Around 3 PM, BCL Industries shares traded with a gain of 6 per cent at Rs 66.55. As many as 2.03 crore shares of the company changed hands at an average traded price of Rs 66.54.
The stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. A rise in investors participation was seen in BCL Industries today as the 5-day average delivery volume jumped by more than 100 per cent against the previous session’s volume of 32.97 lakh.
Why BCL Industries Is In Focus?
BCL Industries’ shares are in focus amid reports that the government is considering a proposal to increase ethanol prices for the season starting November 2024, while also pushing for diversification of feedstocks, as it aims to achieve the 20 per cent blending target by 2025-26. Ethanol prices are fixed by the government. The prices have remained unchanged since the 2022-23 season (November-October).
BCL Industries is one of the largest grain-based manufacturers of Extra Neutral Alcohol (ENA) and ethanol in the country.
BCL Industries Share Price History
As per analytics, BCL Industries shares have delivered a positive return of 19 per cent in the last one year and 90 per cent in two years. In three years, the ethanol stock has delivered a multibagger return of 179 per cent to its investors.
In 5 and 10 years, the counter has rallied 693 per cent and 1,163 per cent, respectively. The company commands a market cap of Rs 1,960.47 crore.
Source Link : https://www.etnownews.com/markets/ethanol-maker-bcl-industries-shares-rally-10-per-cent-check-trigger-article-113455054
