India Glycols shares jump 11% on ₹1,164 cr order from BPCL, IOCL, Reliance
Shares of India Glycols Ltd surged as much as 10.9% on Tuesday to hit an intraday high of ₹780.70 apiece on the BSE, a day after the company received an order worth ₹1,164 crore to supply 16.55 crore litres of ethanol under ethanol blended programme (EBPP) during ethanol supply year from November 1, 2023, till October 31, 2024. Of this, Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL), and Hindustan Petroleum Corporation Limited (HPCL), which are oil marketing companies, collectively placed an order for the supply of 12.98-litre crore worth ₹896 crore. The oil companies i.e. Reliance Industries Ltd. and Nayara Energy collectively placed an order for 3.75-litre crore of ethanol worth ₹268 crore.
“We wish to inform you that the Company has been allocated quantities through tender(s) participation for the supply of 16.55 crore litres of ethanol with an estimated value aggregating to ₹1,164 crores under Ethanol Blended Petrol Programme (“EBPP”) during Ethanol Supply Year from 1st November 2023 till 31st October, 2024,” says the company.
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