Stock Under Rs 100: Ethanol maker BCL Industries shares rally amid price hike buzz
Shares of ethanol producer BCL Industries surged on Friday amid expectations of an ethanol price hike. The stock rose by 4.34%, reaching a high of ₹67.85, with significant trading activity. Reports suggest that the Food Ministry has proposed increasing ethanol prices by ₹2-5 per liter, potentially effective from the November season. The last ethanol price adjustment occurred in 2023-24.
Ethanol Price Hike: Shares of ethanol maker BCL Industries on Friday rallied amid price hike buzz. The stock opened in the green at Rs 65.69 against the previous close of Rs 65.03. The counter went on to make a high of Rs 67.85, up 4.34 per cent.
Around 11 AM, BCL Industries shares quoted 3 per cent higher at Rs 67 apiece with 35.90 lakh equities changing hands.
The counter 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 shares today with 5-day average delivery surging by nearly 12 per cent against the previous session’s volume of 24.06 lakh shares.
Ethanol Price Hike News
On Thursday, sourced told ET NOW reported that Food Ministry has sent a proposal to the government to increase ethanol prices by Rs 2-5 per litre. Sources said that the proposal is under consideration at higher levels and that the government may hike the prices of ethanol from November season.
Notably, tthe price of ethanol hasn’t been changed since 2023-24 (November-October). As of August 2024, the ethanol price produced from cane juice stands at RS 65.61 per litre, while rates for ethanol from B-Heavy and C-Heavy molasses remain at Rs 60.73 and Rs 56.28 per lire respectively.
