You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Globus Spirits hits the roof on winning tender for ethanol supply

Capital Market 

Globus Spirits hit an upper circuit of 5% at Rs 1138.20 after the company won a tender floated by oil marketing companies (OMCs) for supplying ethanol.

In an exchange filing made after market hours yesterday, the company said that it had participated in a tender floated by oil marketing companies (OMCs) vide dated 12th November 2021 inviting various molasses and grain-based distilleries for supplying ethanol for the period commencing from 01 December 2021 till 30 November 2022 at their various locations across the country.

Accordingly, after the closure of the first round of offerings, the company has been allocated as per its offered quantity of 9.68 crores litres of ethanol from its three manufacturing units at Bihar, West Bengal and Haryana.

The unit located at West Bengal will initiate the supply once commercial production at the enhanced capacity commences.

The per unit rate of ethanol made from damaged food grains has been fixed at Rs 52.92 per litre with an increase of 2.65% from the previous year, the rate for ethanol made from surplus food grains remains unchanged.

Many countries, including India, have adopted ethanol blending in petrol in order to reduce vehicle exhaust emissions and also to reduce the import burden on account of crude petroleum from which petrol is produced.

Globus Spirits is engaged in the business of manufacture and sale of Indian Made Indian Liquor (IMIL), Indian Made Foreign Liquor (IMFL), ethanol, bulk alcohol and franchise bottling.

The company's net profit rose 74.43% to Rs 52.52 crore on a 16.67% increase in sales to Rs 382.22 crore in Q2 FY22 over Q2 FY21.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, December 02 2021. 10:07 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU