Shares of Gulshan Polyols were trading 4% higher on 5 December after the company received a contract to supply ethanol to oil marketing companies (OMCs).

In its regulatory filing, the company said, “We have been awarded a contract for supplying 89,404 kilolitres of ethanol from our 500-KLPD ethanol plant at Boregaon at an order value of Rs 571.50 crore.”

The order is to supply ethanol to OMCs till 31 October 2024.

The company has participated in a tender that was floated by oil marketing companies inviting various molasses and grain-based distilleries to supply ethanol under EBPP.

After the closure of the first round of offerings, the company was allocated a quantity to supply 89404 Kiloton of ethanol from its 500 KLPD ethanol plant at Boregaon.

Oil Marketing Companies or OMCs include Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL.

In its quarterly report for July-September, the company reported a 76% year-on-year decline in its net profit to Rs 2.17 crore during the quarter.

At 11:14 am, the shares of Gulshan Polyols were trading 1.75% higher at Rs 226.60 on NSE.