Shares of Southern Online Bio Technologies locked in upper circuit of 20 per cent at Rs 12.13 after the company said that it has received a letter of intent from Hindustan Petroleum Corporation Limited (HPCL) for the supply of 1,500 kilo litre of bio diesel from July to September 2016 to its Secunderabad location in Telangana State.
The share price of the company opened at Rs 11.79 and has touched a high and low of Rs 12.13 and Rs 11.57, respectively, in trade. Sensex was trading 36.21 points up at Rs 27,203.08.
In a BSE filing, the company said, “The said tender is valid upto March 2017 and the order is further extendable for two quarters with an expected order value to be Rs 21.73 crore for March ending 2017.”
For the quarter ended March 31, 2016, the company reported a net profit of Rs 16.15 crore, up 236.98 per cent, against Rs 4.79 crore in the corresponding quarter a year ago.