Shares of India Glycols skyrocketed by 13% on 19 December after the company announced securing tenders worth Rs 1,164 crore to supply ethanol.

The company has been allocated quantities through tender participation for the supply of 16.55 crore litres of ethanol under the Ethanol Blended Petrol Programme for the ethanol supply year from November 2023 to October 2024.

In its regulatory filing, the company said that it had received an order to supply 12.8 crore litres of ethanol for Rs 896 crore from oil marketing companies (OMCs), which include Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL).

The company has received another contract to supply 3.75 crore litres of ethanol for Rs 268 crore from Reliance Industries Ltd (RIL) and Nayara Energy Ltd.

The ethanol will be supplied from the company’s grain-based distillery in Kashipura, Uttarakhand and Gorakhpur in Uttar Pradesh.

In August, the company announced its capacity expansion plans for two projects for a total investment of Rs 242 crore.

At 3:30 pm, the shares of India Glycols closed 8.51% higher at Rs 762 on NSE.