FCI suspends supply of surplus rice for Ethanol Products

FCI has suspended supplies of Surplus Rice for the purpose of production of ethanol. Globus Spirits Ltd expects this supply disruption to be temporary one. During the period, the company is shifting its feedstock from Surplus Rice to alternative raw materials such as broken rice and maize. These raw materials can be used for production of ENA and Ethanol. During this change over process we expect 7-10 days of disruptions at part of WB capacity and our Jharkhand facility. In this period the alternative raw material supplies are expected to be begin. The Haryana, Rajasthan and Bihar facilities remain operational as normal.

Shares of Globus Spirits Limited was last trading in BSE at Rs. 1163.60 as compared to the previous close of Rs. 1191.85. The total number of shares traded during the day was 14648 in over 2001 trades.

The stock hit an intraday high of Rs. 1202.05 and intraday low of 1160.00. The net turnover during the day was Rs. 17247667.00.

Source : Equity Bulls

Keywords

GlobusSpirits INE615I01010 FCI Suspension SurplusRice Sale EthanolProduction