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The shares of Gulshan Polyols Limited opened 9 per cent higher at Rs 267.70 as against its previous close of Rs 245.75. This came after the company won an order worth Rs 137 Crore to supply 22,209.2 Kilolitres of Ethanol from its Boregaon Plant to multiple Oil Marketing Companies (OMCs) including Bharat Petroleum Corporation Ltd, Indian Oil Corporation Ltd, and Hindustan Petroleum Corporation Ltd. 

In addition to that, the company has also bagged an order worth Rs 54 Crore to supply 9,300 Kilolitres of Ethanol from its upcoming plant at Boregaon to Nayara Energy Limited. The supply is set to start in April 202. 

Gulshan Polyols Limited, incorporated in the year 1981, is India’s leading manufacturer of Ethanol/Biofuel, Grain and Mineral based specialty products. Their business portfolio broadly spans across three main segments, viz. grain processing, bio-fuel / distillery, and mineral processing. 

The shares of the company have rallied from Rs 80 a piece in December 2020 around the same time up to the current levels logging a multibagger return of 230 percent in two years. The stock has zoomed by more than 17 percent in a month on NSE. 

The financials of the company grew sideways in the Q2 of FY23 as their revenue in the period stood at Rs 276.38 Crore as compared to Rs 277.28 Crore in the same quarter the year earlier. Their net profit however declined to Rs 9.09 Crore down from Rs 28.48 Crore in Q2FY22. 

The small-cap company has a market capitalization of Rs 1,372 Crore and a dividend yield of 0.76 percent. The promoters hold a 66.65 per cent stake in the company and have pledged zero shares. 

Written by Anoushka Roy

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