Confidence Petroleum is presently trading at Rs 5.90, up by 0.79 points or 15.46% from its earlier closing of Rs 5.11 on the BSE.

The stock opened at Rs 5.25 and has touched a high of Rs 6.15 with a low of Rs 5.20.So far 1,79,219 shares were traded on the BSE.

The BSE stock touched a 52 week high of Rs 34.45 on January 8, 2008 and a 52 week low of Rs 5.03 on December 24, 2008.

The BSE Small-cap index is presently trading at 3,560.73 up by 0.34% from its previous closing.

Confidence Petroleum India Company has taken over 80% shareholding in Garg Distilleries, an ethanol manufacturing unit based on molecular sieve dehydration system located near Dhule, Shirpur (Maharashtra state) having an installed capacity of 32400 kilolitres (KL) per annum and crude oil distillation of 12000 KL per annum.

The company has also taken over 100% share holding in Laxmi Nirmal Petrochemicals situated near Pune, engaged in manufacturing of ethanol based on molecular sieve dehydration system having an installed capacity of 21600 KL per annum. The unit has an annual turnover of Rs 60 crores per annum.

Ethanol is used in merging of auto fuel, which is in great demand nowadays by the PSU oil companies. With the takeover of aforesaid units, the company will be in a state to meet the gap between the demand and supply. Ethanol can be mixed with gasoline in varying quantities up to pure and can be used in most spark-ignited gasoline style engines and can run on blends of up to 10% ethanol. It will also help in reducing the pollution level to a great extent.