Shares of Globus Spirits surged by 15% following the announcement by the Ministry of Consumer Affairs regarding a reduction in the price of rice for supply to ethanol distilleries. As of 10:46 AM, the shares were trading 15.11% higher at Rs 916.45.
The price has been slashed from ₹28 per kg to ₹22.50 per kg, a move aimed at boosting the ethanol production sector. This price cut is expected to enhance the profitability of companies in the ethanol industry, positively impacting stock performance.
In the exchange filing, the company shared, “We would like to inform you that, Ministry of Consumer Consumer Affairs, Food & Public Distribution has notified a reduction of price for rice for supply to ethanol distilleries from Rs 28 per Kg to Rs 22.50 per Kg vide their notice dated 17th January’2025.”
Globus Spirits shares opened at ₹910.00 today, reaching a high of ₹932.20 and a low of ₹871.00. Over the past 52 weeks, the stock has fluctuated significantly, hitting a high of ₹1,369.75 and a low of ₹661.30.
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