Shares of Gulshan Polyols Ltd. surged to over four-month high on Tuesday after it received a Rs 571.5 crore contract to supply ethanol to oil marketing companies.
The company will supply 89,404 kilolitres of ethanol from its Boregaon plant to the OMCs till next October, according to an exchange filing on Monday.
Gulshan's stock rose as much as 7.77% during the day on the NSE to Rs 240 apiece, the highest since July 14. It pared gains to trade 1.75% higher at Rs 226.60 apiece, compared to a 0.56% advance in the benchmark Nifty 50 as of 12.55 p.m.
It has risen 7.91% on a year-to-date basis. The total traded volume so far in the day stood at 26 times its 30-day average. The relative strength index was at 68.12.
The lone analyst tracking Gulshan has a 'buy' rating on the stock, according to Bloomberg data.
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