GP Petroleums’ stock surged by 8% following a pivotal supply agreement with Hindustan Petroleum Corporation Limited (HPCL), a Government of India enterprise. Announced on November 29, 2024, the deal secures the supply of 50,000 MT of Bulk Bitumen VG30, adhering to IS 73-2013 standards, to HPCL’s various locations.
Key Highlights of the Deal
- Value: Approximately ₹223 crores.
- Tenure: One-year term, extendable by an additional year at HPCL’s discretion.
- Compliance: Executed on an arm’s-length basis, ensuring transparency.
The announcement of this significant contract caused a sharp uptick in GP Petroleums’ share price, reflecting investor optimism about the company’s future prospects. The deal is seen as a testament to GP Petroleums’ commitment to delivering quality products and its ability to collaborate with industry giants like HPCL.
As of 9:38 am, GP Petroleums shares were trading 8.37% higher at Rs 66.15 on the NSE.
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