India Glycols soars 11% on winning ethanol supply order from OMCs, Reliance
.webp)
Shares of India Glycols (IGL) surged 11 per cent to Rs 780.70 on the BSE in Tuesday’s intra-day trade on the back of heavy volumes after the company won an ethanol supply order of Rs 1,164 crore from state-owned OMCs and oil companies.
The average trading volumes on the counter jumped over 10-fold today. A combined 1.3 million equity shares had changed hands on the NSE and BSE. The stock of the commodity chemicals firm had hit a 52-week high of Rs 802.65 on September 11, 2023.
In an exchange filing, IGL said the company has been allocated quantities through tender(s) participation for supply of 165.5 million liters of Ethanol under Ethanol Blended Petrol Programme (EBPP) during ethanol supply year from November 1, 2023 till October 31, 2024.
Entities that awarded the contract include Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL), Reliance Industries and Nayara Energy.
IGL is one of the leading manufacturers with its presence in Bio-Based Specialities and Performance Chemicals, Potable Spirits, Ennature Biopharma, Bio Polymers and Industrial Gases.
The specialty chemicals sector in India has a very positive outlook in the coming years. The sector has been growing at a faster pace compared to the overall chemical industry in India and is expected to continue its growth trajectory.
According to reports, the Indian specialty chemicals sector is projected to reach a size of $63.8 billion by 2025, growing at a compound annual growth rate (CAGR) of 11 per cent.
Additionally, the government has been supporting the growth of the specialty chemicals sector through various initiatives, such as the National Chemicals and Petrochemicals Policy, the Chemicals and Petrochemicals Investment Regions (PCPIRs), and the “Make in India” program. These initiatives have helped to create a favorable business environment for the sector and attract foreign investments, as per IGL.
One of the key drivers of growth in the Indian specialty chemicals sector is the increasing demand from end-use industries such as automotive, construction, textiles, and pharmaceuticals.
The sector has a broad range of applications across various industries, and India’s growing manufacturing capabilities and research and development activities have further boosted the sector’s growth.
The company has a vast product range that covers a wide variety of specialty chemicals and herbal products such as nutraceuticals, phytochemicals, bio-polymers, industrial gases etc.
User industries prefer products of IGL because they have significantly low carbon footprint. With this, IGL is eyeing to be the leading manufacturer of a large number of products having potential to replace conventional products with low carbon products.
Other Latest News
.webp)
Maharashtra Cabinet-led by Chief Minister Eknath Shinde on Thursday passed a resolution urging the Centre to confer country's highest civilian award, Bharat Ratna to veteran industrialist Ratan Tata who passed away in Mumbai in recognition of his achievements.
Tributes were paid to Padma Vibhushan Ratan Tata in the state cabinet meeting held today.
.webp)
Karnataka BJP President B Y Vijayendra on Thursday predicted fast-paced political developments in the state in the next few days, including change of Chief Minister over the MUDA 'scam'.
"Lot of political developments are certainly taking place in the state. In the next few days the kind of fast paced political developments will take place, which both you (media) and the people of the state will see," he told reporters here.
.webp)
In the newly-elected 90-member Haryana Assembly, 96 per cent MLAs (86) are crorepatis, while 13 per cent (12) have criminal cases against them, according to an analysis by poll rights body ADR.
An analysis of the affidavits of all the 90 winning candidates by the Association for Democratic Reforms (ADR) and Haryana Election Watch show a slight rise in the number of crorepati MLAs, from 93 per cent in 2019 to 96 per cent this time.
.webp)
US Ambassador to India, Eric Garcetti, expressed condolences on veteran industrialist, Ratan Tata's demise on Thursday and said that India, and the world have "lost a giant with a giant heart."
The Tata Sons Chairman Emeritus, 86, breathed his last on Wednesday night at Breach Candy hospital in Mumbai.
.webp)
India's Adani Group plans to build 10 gigawatts of overseas hydroelectric projects over the next few years, four sources familiar with the plans told Reuters, helping the conglomerate reach its net zero carbon emissions goal by 2050.
Billionaire owner Gautam Adani, whose businesses span from rice to cement, announced in 2022 the group would invest $100 billion over the next decade to develop green energy capabilities including setting up the world's largest solar energy park in western India.
.webp)
.webp)
.webp)
.webp)
.webp)
