Leading independent liquid storage tank provider(LST) and speciality chemicals manufacturer wins an arbitration award for USD 1.35 Million and Rs. 30 lakhs in an arbitration matter going on with the Oil and Natural Gas Corporation Limited (ONGC) since 2014.
At 3:15 p.m the shares of Ganesh Benzoplast Limited were trading at Rs. 142.45 up 0.53 percent from its previous day close price and its market capitalization is Rs. 971 Crores.
As per the company’s filing, Ganesh Benzoplast has won an arbitration award in the arbitration matter going on with the Oil and Natural Gas Corporation Limited (ONGC) since 2014.
The Arbitration was filed by Ganesh Benzoplast in 2014 against ONGC for pre-mature termination of its contract for Operation, Management and Maintenance of Marine Geotechnical & Diving Services for the vessel GTV Samudra Sarvekshak, which resulted in huge operating and financial loss to the company.
The order was passed by Arbitral Tribunal on October 31, 2023 in favor of the Company by admitting the claims filed by the Company and directed ONGC to pay a sum of USD 1.35 million (One Million Three Hundred Fifty-Five Thousand Five Hundred US Dollars) and also an amount of Rs. 30,40,900 to Ganesh Benzoplast towards the company’s cost and damages with an interest at 12 percent per annum from the date of award till the date of payment of amount
The company’s revenue grew 17.72 percent from Rs. 357.51 Crores in FY22 to Rs. 420.85 Crores in FY23, accompanied by increasing profits of Rs. 32.69 Crores to Rs. 55.08 Crores.
It has reported a return on equity (ROE) of 17.95 percent and a return on capital employed (ROCE) of 23.09 percent, it is making good returns on its equity and capital employed.
According to the latest shareholding data available for the September 2023 quarter, the company’s Promoters hold 40.96 percent stake, the Domestic Institutional Investors hold 0.02 percent and the Foreign Institutional Investors (FII) hold 2.94 percent.
Ganesh Benzoplast Limited is one of the leading independent Liquid Storage Tank providers, specialising in the handling and storage of types of oil products and liquid products and it is also into the business of manufacturing speciality chemicals, food preservatives and oil additives.
Written by: Bharath K.S
