Gulshan Polyols Shares Rally 4% on ₹571.50 Crore Ethanol Supply Contract with Oil Marketing Companies

In the early trade of December 5, Gulshan Polyols witnessed a notable 4% surge, reaching Rs 232, after securing a substantial contract for ethanol supply to oil marketing companies (OMCs). The company confirmed the achievement in a statement, stating that they have been awarded a contract to supply 89,404 kilolitres of ethanol from their 500-KLPD ethanol plant at Boregaon, with an impressive order value of Rs 571.50 crore. The contractual obligation requires the supply of ethanol until October 31, 2024.

Despite a 76% decline in net profit during the September quarter, which stood at Rs 2.17 crore, Gulshan Polyols’ recent achievement seems to have positively impacted its market standing. As of 1:50 pm, the shares were trading 1.08% higher at ₹225.10.