India Glycols shares zoom after company bags Rs 1,164-crore ethanol supply deal

India Glycols (INDIAGLYCO) shares continued to rise for a fourth straight session on Tuesday after the company bagged an order worth Rs 1,164 crore to supply ethanol to oil marketing companies (OMCs). The stock of India Glycols—which manufacturers a host of products including chemicals, spirits, industrial gases and sugar—jumped by as much as Rs 77.3, or 11 per cent, to Rs 780.7 apiece on BSE, coming within Rs 22 of a 52-week high scaled in September. 

The deal involves the supply of 16.6 crore litres of ethanol worth during the supply year, which began on November 1, according to a regulatory filing post-market hours on Monday. 

The total supply, as part of the agreement, comprises 12.8 crore litres to oil marketing companies Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOCL) and Hindustan Petroleum Corporation (HPCL), and 3.8 crore to oil companies Reliance Industries and Nayara Energy, India Glycols said. 

The supply of ethanol to the three oil marketing companies is estimated to be worth Rs 896 crore and that to oil companies at Rs 268 crore. 

(This story will be updated shortly)

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