Dollex up 6% on Rs 100 cr deal with Novera

MUMBAI: Shares of Dollex Industries climbed over 6 per cent on news that the company is set to ink a deal worth Rs 100 crore with UK’s Novera Energy, one of the largest carbon traders in UK and Australia.

A producer of ethanol and extra neutral ethanol, the company has been betting big on its expansion plans. Recently, the company had Dollex Industries announced the acquisition of Kalamber SSK, a co-operative sugar facility from the Maharashtra government for Rs 14 crore.

Considering the mandatory 10% ethanol blending program by the government, the company has plans to invest another Rs 10 crore into Kalamber SSK over the next one year.

Over the past one month, the stock has gained nearly 26 per cent. At 11:02, the Dollex Industries share was up 6.38 per cent at Rs 113.40 with volume traded at 49,159 against two-week average of 53,084 shares.