Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.

In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.

The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm orders are valued at about Rs 2.14 billion, with optional orders at approximately Rs 1.17 billion, taking the total estimated value of the tender to Rs 3.3 billion.

“This significant achievement underlines the company’s growing presence and reliability in the bitumen supply chain and further strengthens our long-standing relationship with IOCL,” Agarwal Industrial Corporation said in a statement.

Primarily engaged in manufacturing bitumen and bitumen products, the company also transports liquefied petroleum gas (LPG) and bituminous products. Additionally, through its UAE subsidiary, it has expanded into ship operations and chartering.