On Thursday, October 10, the price of Phoenix Overseas shares reached the five per cent upper circuit limit.
The price of Phoenix Overseas shares opened on the NSE SME on Thursday at ₹44.80, up more than 2% from the previous close of ₹43.60. In intraday trading, the stock increased its gains to 5% and reached ₹45.75, which is also its upper price range.
The company, listed on the NSE Emerge, has declared that it has begun producing crude edible oils, such as crude mustard oil, crude rice bran oil, and de-oiled cakes, through its affiliate company, M/S. BCL Bio Energy Private.
BCL Bio Energy is owned 29% by Phoenix Overseas.
300 TPD (tonnes per day) of rice bran are used in the solvent extraction plant operated by BCL Bio Energy Private to obtain crude rice bran oil. The leftover cake, known as DE-oiled rice bran, is shipped from India to nations like Bangladesh and Vietnam, where it is fed to cattle. BCL Bio Energy Private was founded in 2021 and is a subsidiary of BCPL Railway Infrastructure Limited. Its business is the extraction of edible rice bran oil.
Reducing India’s need to import edible oils is a small step towards the country’s energy security, according to a statement from Phoenix Overseas. To assist India in gaining foreign cash, the company would also give priority to transporting deoiled cakes from India to several other countries.
On September 27, 2024, Phoenix Overseas shares made their debut on the National Stock Exchange (NSE) SME, with a share price of ₹64, matching the issue price.
