Ethanol stock jumps 9% after company expands its capacity
India Glycols Limited’s shares rose 9.5% after expanding its Grain-Based Distillery by 100 KLPD and Bio-Fuel Ethanol plant by 180 KLPD. The stock opened at Rs. 1,257.10 and reached an intraday high of Rs. 1,344.70. The expansions boost total capacities to 500 KLPD for the distillery and 590 KLPD for ethanol production.
Shares of this small-cap ethanol company surged 9.5% after it expanded its Grain-Based Distillery by 100 KLPD and its Bio-Fuel Ethanol plant by 180 KLPD. With a market capitalization of Rs. 4,100.54 crores, India Glycols Limited opened the trading session at Rs. 1,257.10, 2.37% above yesterday’s close of Rs. 1,227.90. The stock reached an intraday high of Rs. 1,344.70, reflecting a 9.51% increase from yesterday’s close. At 11:53 a.m, the stock was trading at Rs. 1,343.65 per share .
Reason for Rise:
According to exchange filings, India Glycols Limited has successfully expanded its capacity by adding 100 KLPD to its existing Grain-Based Distillery and 180 KLPD to its Bio-Fuel Ethanol plant for ethanol-to-biofuel conversion at Kashipur, Uttarakhand. Additionally, the company has increased the capacity for new value-added chemical products by 2,500 MT/year at its Kashipur facility.
With these additions, the total capacity of the Grain-Based Distillery at Kashipur has increased to 500 KLPD, while the Bio-Fuel Ethanol plant now has a capacity of 590 KLPD. The total capacity for new value-added chemical products at the facility stands at 7,500 MT/year.
Recent Updates:
In September the Company tied up with Amrut Distilleries Private Limited, Bengaluru, for manufacturing, bottling, marketing and selling of Amrut’s few premium brands on royalty basis.
The company is also in the process of enhancing its Grain-Based Distillery capacity by 180 KLPD and expanding the Bio-Fuel Ethanol plant by 90 KLPD at Gorakhpur, Uttar Pradesh. This expansion is expected to be commissioned by Q4 FY25.
Source Link : https://tradebrains.in/features/ethanol-stock-jumps-9-after-company-expands-its-capacity/
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