India Glycols in the red

India Glycols began the day in the red – opening at Rs.688.95 from its close of Rs.698.45 and made a feeble attempt to rise to Rs.699.25 but soon profit booking pushed it down to Rs.650.65. It trades in the red like most midcaps.

The stock price did not react positively to the news that it plans to set up and commission grain-based distillery units with a capacity of 180 KLPD and 110 KLPD at its Kashipur and Gorakhpur sites.

The capex for this is estimated at around Rs.304 crore and the facilities are expected to be commissioned by March 31, 2022.