Gulshan Polyols zooms on bagging ethanol supply orders from OMCs

On Thursday, the stock opened at Rs 269.90 and touched a high and low of Rs 278.00 and Rs 260.55, respectively.

At noon, shares of Gulshan Polyols were trading at Rs 264, up by 18.10 points or 7.36% from its previous closing of Rs 245.90 on the BSE.

Gulshan Polyols has received an order from the Oil Marketing Companies (OMCs) Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOCL), and Hindustan Petroleum Corporation for 22209.2 Kilolitres of Ethanol from its manufacturing unit at the existing 60KLPD Boregaon Plant, with an order value of Rs 137.18 crore (HPCL).

Furthermore, the company has received an order for 9300 Kilolitres of Ethanol from the upcoming 500 KLPD Ethanol plant at Boregaon (supply will tentatively begin in April 2023) with an order value of Rs 54.41 crore from Nayara Energy.

The company took part in a tender issued by Oil Marketing Companies, which invited various molasses and grain-based distilleries to supply Ethanol at their various locations across the country until October 31, 2023. The company received these orders following the completion of the Second Round of Offerings.

Gulshan Polyols is engaged in manufacturing ‘Sorbitol-70%’. Sorbitol, a starch derivative, sweet in taste, finds wide range of applications, the major uses in dentifrice, cosmetics, pharma, vitamin-C, food products etc. The company is one of the largest manufacturers of precipitated calcium carbonate and sorbitol in India. It is a market leader with a substantial market share in the respective segments. The promoters holding in the company stood at 66.65%, while Institutions and Non-Institutions held 3.86% and 29.49% respectively.

The BSE group 'B' stock of face value of Rs 1 has a 52-week high and low of Rs 429 and Rs 204.70, respectively.

Last one week high and low of the scrip stood at Rs 278.00 and Rs 241.00, respectively. The current market cap of the company is Rs 1373.19 crore.