Modi Naturals Ltd. (MNL), through its wholly owned subsidiary, Modi Biotech Private Limited (MBPL), has received an order for 3.72 crores litres of ethanol worth Rs. ~230 crores from various OMCs (Oil Manufacturing Companies). This order will be fulfilled as per the ESY (Ethanol Sugar Year- follows the November to October period) in four phases. Along with ethanol, byproducts generated will be sold separately generating additional revenues.
Commenting on the commercialisation of the plant, Mr Akshay Modi, Managing Director of Modi Naturals Ltd., said, "We are very pleased with the commissioning of our ethanol facility and the progress made so far. This new order for Modi Naturals will be transformative for our balance sheet. We hope to stabilise the plant production in the next few weeks, after which we will plan to undertake Phase II to expand the facility to its full capacity.
In addition to our strong position in the branded business division, we believe the ethanol segment will be vital to our growth in the future."
Shares of Modi Naturals Limited was last trading in BSE at Rs. 266.25 as compared to the previous close of Rs. 248.10. The total number of shares traded during the day was 72080 in over 152 trades.
The stock hit an intraday high of Rs. 279.00 and intraday low of 245.05. The net turnover during the day was Rs. 18390977.00.