BCL Industries Shares Hit New High On Securing Ethanol Supply Order From OMCs

Tuesday saw BCL Industries Ltd. shares rise further, reaching all-time highs following the company's release of the updated order win list from oil marketing companies (OMCs). BCL Industries' stock gained 5% on Tuesday to Rs 62.39, a new 52-week high, giving the company a market capitalization of almost Rs 1,557 crore. In Monday's last trading session, the share price ended at Rs 59.39 per share.

BCL Industries and its subsidiary Svaksha Distillery have collectively secured orders worth Rs 567.4 crore for the year from November 1, 2023, to October 31, 2024, according to the revised filing with the exchanges. Together, the two organisations will provide 82,902 kilolitres (KL) of ethanol in the specified year.

BCL Industries has committed to deliver 49,502 KL of ethanol, worth a total of Rs 339.07 Cr. Of these, the following were produced during the specified year: 24,285 KL of ethanol valued at Rs 166.27 crore by Hindustan Petroleum Corporation; 16,273 KL of ethanol valued at Rs 111.49 crore by Indian Oil Corporation; and 8,944 KL of ethanol valued at Rs 61.31 crore by Bharat Petroleum Corporation.

In the specified period, 33,400 KL of ethanol valued at Rs 228.33 crore would be supplied by Svaksha Distillery. It has received orders for 16,419 KL of ethanol valued at Rs 112.31 crore from Indian Oil Corporation, 9,331 KL of ethanol valued at Rs 63.79 crore from Bharat Petroleum Corporation, 6,650 KL of ethanol valued at Rs 45.50 crore from Hindustan Petroleum Corporation, and 1,000 KL of ethanol valued at Rs 6.73 crore from Reliance Industries.

The shares of BCL Industries reached a 52-week-low of Rs 28.60 on (23/12/2022) indicating that after reaching a fresh 1-year high today 5th Dec, the scrip has gained 114.72% from its 1-year low at the current market price. In the last 1 year the stock has gained 64.13% and on a YTD basis, the stock has gained 90% so far in 2023. Net profit for the quarter ended in September 2023 was Rs 17.96 crore, rising more than 2000% from Rs 80 lakhs in September 2022. In Q2FY24, net sales totalled Rs 480.71 crore, which is a 6.26 per cent annual increase over Q2FY23.