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GP Petroleums zooms on getting nod to enter into joint venture agreement with West Coast Oils
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GP Petroleums is currently trading at Rs. 79.50, up by 2.88 points or 3.76% from its previous closing of Rs. 76.62 on the BSE.
The scrip opened at Rs. 78.45 and has touched a high and low of Rs. 80.93 and Rs. 76.86 respectively. So far 42688 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 93.45 on 17-Sep-2024 and a 52 week low of Rs. 48.11 on 21-Dec-2023.
Last one week high and low of the scrip stood at Rs. 81.49 and Rs. 74.32 respectively. The current market cap of the company is Rs. 407.88 crore.
The promoters holding in the company stood at 53.44%, while Institutions and Non-Institutions held 0.42% and 46.14% respectively.
GP Petroleums’ Board has given the authority to the Company to enter into a Joint Venture Agreement (JV) with West Coast Oils, based in Vadodara, Gujarat to form a new entity. Both the parties will be investing equally in the new entity to be formed.
The JV entity will be formed as a joint venture of the Company with West Coast oils with the objective of expanding the footprint and market presence in the speciality and general bitumen sector and to carry on business as manufacturers, processors, refiners, makers, stockiest, traders and distributors of various types of specialty bitumen products.
GP Petroleums is a leading lubricant player, specializes in industrial & automotive lubricants, process oils, transformer oils, greases and other specialties under the brand name IPOL in India and overseas market.
