India Glycols Shares Surge Over 13% On Rs 1,164-Crore Ethanol Supply Order

India Glycols Ltd. shares jumped over 13% on Tuesday after the company received orders worth Rs 1,164 crore, for the supply of ethanol under the Ethanol Blended Petrol Programme.

The company has received orders from several entities including Bharat Petroleum Corp., Indian Oil Corp., and Hindustan Petroleum Corp., an exchange filing said.

Shares of the company rose as much as 13.1%, the most since Sept. 11, before paring gains to trade 7.5% higher at 10:17 a.m. This compares to a 0.27% decline in the NSE Nifty 50.

The stock has risen 17.5% year-to-date. Total traded volume so far in the day stood at 22 times its 30-day average. The relative strength index was at 62.74.

Of the 21 analysts tracking the company, 15 maintain a 'buy' rating, two recommend a 'hold,' and four suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 4.8%.