Confidence Petroleum India Ltd experienced a gain of over 2% in morning trade on Thursday following the company’s announcement of a substantial order worth ₹67 crore secured by its subsidiary from Bharat Petroleum Corporation Ltd (BPCL).
The contract involves the supply of 450 CNG Type-I mobile and stationary cascades, a crucial component of BPCL’s City Gas Distribution (CGD) Projects, as detailed in a filing to the stock exchanges by Confidence Petroleum. This marks a significant business opportunity for Confidence Enterprises in contributing to the development of CNG infrastructure for BPCL’s CGD initiatives.
Confidence Enterprises Pvt. Ltd., a wholly-owned subsidiary of Confidence Futuristic Energetech Ltd, itself a subsidiary of Confidence Petroleum India Ltd, received a Letter of Acceptance (LOA) from BPCL for this project.
Revealing ambitious plans in August, Confidence Petroleum’s management aims to establish 500 LPG (liquefied petroleum gas) dispensation stations by 2025. This strategic move aligns with the company’s goal to diversify revenue streams and tap into the increasing demand for clean energy sources.
As of 12:34 pm, Confidence Petroleum’s shares were trading 0.72% higher at ₹91.50.
