India Glycols inks deal with Amrut Distilleries; share price surges 6%
Source: Business Standard
India Glycols shares rise: Shares of chemicals company India Glycols surged 5.94 per cent to hit an intraday high of Rs 1,333 per share on Monday, September 23, 2024.
The surge in India Glycols share price came after the company announced that it has joined hands with Amrut Distilleries Private Limited, Bengaluru, for manufacturing, bottling, marketing and selling of Amrut’s few premium brands.
In an exchange filing, India Glycols said, “We wish to inform you that the Company has tied up with Amrut Distilleries Private Limited, Bengaluru, for manufacturing, bottling, marketing and selling of Amrut’s few premium brands on royalty basis.”
Q1FY25 performance
India Glycols posted a consolidated net profit of Rs 60.4 crore for the June quarter of financial year 2025 (Q1FY25), from a net profit of Rs 51.1 crore in the same quarter a year ago (Q1FY24).
The company’s total income stood at Rs 2,285.4 crores in Q1FY25, from Rs 1,899.4 crore in Q1FY24.
Established in 1983 and renamed in 1986, India Glycols is among the leading chemical companies. It specialises in manufacturing a diverse array of products, including chemicals, spirits, natural gums, industrial gases, sugar, and nutraceuticals.
Renowned for its commitment to green chemistry, the company produces glycols, glycol ethers, acetates, and bio-polymers, catering to a wide range of industries such as automotive, healthcare, food processing, and mining.
In addition to its chemical production, IGL has a major presence in the spirits market, offering both country liquor and Indian-made foreign liquor.
The company’s Ennature Biopharma segment focuses on nutraceuticals, providing ultra-pure nicotine for e-liquids and pharmaceuticals.
With a strong focus on sustainability, the company uses renewable agro feedstock and proprietary chemical technologies in its manufacturing processes, reinforcing its leadership in eco-friendly production.
The market capitalisation of India Glycols is Rs 4,053.94 crore, according to BSE.
The 52-week high of the India Glycol stock is Rs 1,399.75 per share while its 52-week low is Rs 620.75 per share.
At 12:55 PM, shares of India Glycols were trading 4.52 per cent higher at Rs 1,315 per share. In comparison, BSE Sensex was trading 0.15 per cent higher at 84,671.90 levels.
First Published: Sep 23 2024 | 1:01 PM IST
