India Glycols, yesterday after market hours had some good news to share.
The company’s grain-based distillery units at Gorakhpur and Kashipur sites, which were expected to be commissioned by 315! March, 2022 are finally on their way to getting on steam.
The delay caused by Covid has now been caught up and the company said that it expects the Gorakhpur unit to be commissioned by 1st May’22 with a capacity of 180 klpd.
And the unit at Kashipur, with a capacity of 110 klpd is in advanced stage and the same is likely to be commissioned by 15' July, 2022.
The capex, when the project was announced in Aug’21 was pegged at Rs.304 crore; we do not know how much is the cost overrun.
Following this news, the stock price is in the green today; opening over 2.5% higher at Rs.996.20, the stock went up to an intraday high at Rs.1017.95, up 5%. Its 52-week high is at Rs.1060.