Shares of Pasupati Acrylon Ltd surged over 2% on March 11 after the company announced the completion of its 150 KL per day grain-based ethanol plant.
The company, in an exchange filing, stated that regular trials and final level testing have begun at the facility, and the commencement of commercial production will be announced soon.
The ethanol plant, which aligns with the company’s strategic expansion into the renewable fuel sector, is expected to bolster revenue and contribute to India’s ethanol blending program.
Investors reacted positively to the development, pushing the stock price to ₹43.69, up 2.20%, from the previous close of ₹42.75.
Company Statement
Pasupati Acrylon Ltd, in a regulatory filing, stated:
“We would like to inform you that the proposed setting-up of the 150 KL per day grain-based ethanol plant has been completed. Regular trials and final level testing have begun, and the commencement of commercial production will be intimated to the exchange accordingly.”
This update comes as part of Pasupati Acrylon’s diversification strategy, leveraging its existing expertise in the chemical sector to expand into ethanol production, which has strong government backing.
Stock Movement & Market Outlook
- Current Price: ₹43.69
- Day’s Range: ₹42.75 – ₹43.75
- Market Cap: ₹3.90B
- P/E Ratio: 11.09
Analysts believe that once full-scale commercial production begins, Pasupati Acrylon could see stronger revenue growth, benefiting from India’s push for ethanol blending with petrol to reduce reliance on crude oil imports.
Disclaimer
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