Share price of a company engaged in manufacturing and marketing of industrial and automotive lubricants, rubber process oils etc., moved up by 8.2 percent at Rs. 75.85 in the morning session on Monday, compared to its previous close of Rs. 70.10, after the company entered into a Distributorship agreement.
With a market cap of Rs. 37,702.95 crore, shares of GP Petroleums Ltd. opened at Rs. 75.85 on February 19th, and the stock is currently trading at Rs. 74.1, up by 5.71 percent.
The company has delivered positive returns of over 71.5 percent in the last six months, whereas nearly 106.7 percent in the last one year. So far in 2024, it has given positive returns of around 35.4 percent.
According to the recent filings on stock exchanges, GP Petroleums entered into a Distributorship agreement with NOOR Trading, Bangladesh on February 17, 2024.
This agreement enables the marketing, advertising, promotion, import, distribution, supply, and sale of ‘REPSOL’ products in the territory of Bangladesh.
These products are manufactured and marketed by GP Petroleums Limited under the license from REPSOL LUBRICANTES Y ESPECIALIDADES S.A., Spain.
In addition, this partnership is expected to strengthen the company’s market presence as well as magnify its export sales, facilitating the seamless distribution of REPSOL products to a broader market.
In terms of financials, the revenue from operations of GP Petroleums decreased by 4.33% from Rs. 161.98 crore in Q2 FY23-24 to Rs. 154.96 crore in Q3 FY23-24, accompanied by a decrease in net profit by 32.1% to Rs. 6.47 crore in Q3 FY23-24 from Rs. 9.53 crore in Q2 FY23-24.
As of December 2023, the Promoters’ holdings remain unchanged at 63.44 percent, whereas, the FIIs’ holdings increased from 0.74 percent in Q2 FY23-24 to 0.97 percent of equity shares in Q3 FY23-24.
Incorporated in 1983, GP Petroleums Limited OL is primarily engaged in the business of manufacturing lubricants and greases in India, along with, trading in base oils, bitumen, coal and bunker fuel oil.
The company specialises in the formulation, manufacturing and marketing of industrial lubricants, automotive lubricants, process oils, transformer oils, greases, and other specialities under their renowned brand name, IPOL.
Written by Shivani Singh
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