GP Petroleums Ltd bagged a supply order for Bulk Bitumen from Hindustan Petroleum Corporation Ltd. on Friday, according to an exchange filing. The order was worth Rs 223 crore.
Approximately 50,000 metric ton is to be supplied to HPCL. The initial order period for the agreement is for one year and is subject to extension for a further period of one year at the discretion of HPCL.
"GP Petroleums Ltd.... has entered into Supply Agreement for Bulk Bitumen -VG30, dated November 29, 2024, with Hindustan Petroleum Corporation Limited (a government of India Enterprise) (“HPCL” or “the Buyer”) for the supply of Bulk Bitumen - VG30 conforming to IS 73-2013, at various locations as required by HPCL", the exchange filing said.
Hindustan Petroleum Corporation Ltd. had an increase in standalone profits in the second quarter of fiscal 2025, but missed consensus analysts' estimates by almost 70%. Analysts tracked by Bloomberg had estimated a Rs 2,008 crore profit.
The oil marketing company reported a 77% uptick in standalone profits at Rs 631 crore in the July-September quarter, compared to Rs 356 crore in the previous quarter.
Shares of HPCL Ltd. closed 0.82% higher at Rs 383.10 apiece on the NSE, compared to a 0.91% increase in the benchmark Nifty 50.
The stock has risen 44.06% on a year-to-date basis and 67.81% over the past 12 months.
The stock had a 1.32% intraday high of Rs 385 per share.
Out of the 34 analysts tracking the company, 19 have a 'buy' rating on the stock, five suggest a 'hold' and 10 recommend a 'sell', according to Bloomberg data.
The average of 12-month analysts' consensus price targets implies a potential upside of 5.6%.
Shares of GP Petroleums Ltd. closed 1.29% lower at Rs 61.04 apiece on the NSE, compared to a 0.91% increase in the benchmark Nifty 50.
The stock has risen 11.39% on a year-to-date basis and 17.6% over the past 12 months.
The stock had a 2.89% intraday low of Rs 1.79 per share.
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