The shares of one of the leading independent Liquid Storage Tank providers, skyrocketed over 12 percent in Tuesday’s trading session after the company bagged an order of Rs 169.24 crore from JSW Group.
Stock Performance
With a market capitalization of Rs 849.48 crore, Ganesh Benzoplast Ltd surged over 12 percent to an intraday high of Rs 118 per share on Tuesday as compared to its previous closing price of Rs 104.95 per share.
What Happened
Ganesh Benzoplast has secured an order from JSW Jaigarh Port Ltd for the engineering, design, manufacturing, supply, erection, and commissioning of a Chemical Tank Farm Project on an EPC basis.
This includes the construction of 11 chemical tanks, a dock pipeline, and civil works. The total consideration for this contract stands at Rs 169.24 crore.
Company Overview
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.
The company’s marquee client base includes well-known names like Cargill, Bharat Petroleum, Jubilant Lifesciences, Reliance Industries, Pidilite, Asian Paints among many others.
Financials
When looking at the financial statements, the company reported a 16 percent decline in revenue from Rs 106 crore to Rs 89 crore during Q3 FY24-25. The net profits however, grew 13 percent from Rs 16 crore to Rs 18 crore during the same period.
Written by Shwetha Sairam
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