Kotyark Industries shares zoom 15% in early deals; here’s why

Shares of Kotyark Industries Ltd zoomed 15% in early trade today after the biodiesel company won orders worth Rs 178 crore from Indian Oil, HPCL and BPCL. Kotyark Industries stock zoomed 14.84% to Rs 698 against the previous close of Rs 607.75 on NSE. The company is not listed on BSE.

Kotyark Industries stock has gained 139.43% in one year and risen 78.18% since the beginning of this year. Total 85,600 shares of the firm changed hands amounting to a turnover of Rs 5.59 crore on BSE today. Market cap of the firm rose to Rs 572 crore.

In terms of technicals, the relative strength index (RSI) of the stock stands at 71.8, signaling it's trading in the overbought zone. Kotyark Industries shares have a beta of 1.2, indicating very high volatility in a year. The share is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The company said, “In aggregate, we have received a total order for the procurement of biodiesel of 200,70 KL having estimated order value is Rs 178.00 Crore (approx.) from IOC, HPCL and BPCL together.”

The company said it received two different allocation sheets mentioning the above order.

“An Allocation Sheet for Tender of Kotyark Industries Limited for procurement of biodiesel for July 2023 to September 2023 for 17,381 KL having estimated order value is Rs 154.00 crore approx.) from Indian Oil Corporation Limited (IOC), Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL),” the firm told NSE.

“An Allocation Sheet for Tender of M/s. Yamuna Bio Energy private Limited (Amalgamating Company, a company which is under the process of amalgamation with our company Kotyark Industries Limited) for procurement of Biodiesel for July 2023 to September 2023 for 2,689 KL having estimated order value is Rs. 24.00 Cr. (approx.) from Indian Oil Corporation Limited (IOC), Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL),” it added.

Kotyark Industries Limited, incorporated in 2016, is engaged in the manufacturing of biodiesel and its by-products, and is one of the key players across the state of Rajasthan in India. The company focuses on green energy and sustainable development of renewable resources (biofuel) through the adoption of environmentally friendly technology. It's manufacturing unit at Swaroopganj, District Sirohi, RICCO, Rajasthan has a capacity of producing 500 KL of biodiesel per day from multi feedstock.

Also read: Jhunjhunwala makes Rs 500 crore in few minutes as Titan shares hit record on Q1 update 

Also read: Hot stocks on June 7, 2023: Yes Bank, Suzlon Energy, IdeaForge, South Indian Bank and more