Shares of BCL Industries skyrocketed 11.5% and hit a 52-week high of Rs 60.80 on 4 December after the company was selected to supply ethanol worth Rs 561 crore to Oil Marketing Companies (OMCs).

The company had participated along with its subsidiary, Svaksha Distillery, in the tender floated by OMCs. The tender invited various molasses and grain-based distilleries to supply ethanol.

The company was selected to supply 8.20 lakh litres of ethanol for a period from November 2023 to April 2024.

Svaksha Distillery also secured an order to supply ten thousand litres of ethanol to Reliance Industries for a total consideration of Rs 6.73 crore.

In its quarterly report for July-September, the company reported a 2000% year-on-year (YoY) increase in its net profit to Rs 17.96 crore for the quarter under review from Rs 80 lakhs reported in the year-ago quarter.

The net sales of the company stood at Rs 480.71 crore for the quarter, which is a 6.26% YoY increase from the number reported in the same quarter of the previous fiscal year.

At 3:30 pm, the shares of BCL Industries closed 9.61% higher at Rs 59.30 on NSE.