GP Petroleums jumps after strategic pact with Spain's Repsol

GP Petroleums rose 2.3% to Rs 35.55 at 13:03 IST on BSE after the company said it has formed a strategic partnership with Spain's No 1 petroleum company Repsol, to launch lubricant range in India.

The announcement was made during market hours today, 17 June 2015.

Meanwhile, the S&P BSE Sensex was up 128.16 points or 0.48% at 26,814.67.

On BSE, so far 44,000 shares were traded in the counter as against average daily volume of 10,502 shares in the past one quarter.

The stock hit a high of Rs 37.65 and a low of Rs 35 so far during the day. The stock had hit a record high of Rs 49.70 on 5 February 2015. The stock had hit a 52-week low of Rs 14.12 on 17 June 2014.

 

The small-cap company has equity capital of Rs 25.49 crore. Face value per share is Rs 5.

GP Petroleums, subsidiary of Gulf Petrochem Group, a UAE-based leading player in the oil sector, today, 17 June 2015, announced that it has formed a strategic partnership with Spain's No 1 petroleum company Repsol to exclusievely manufacture and market Repsol's superior and comprehensive line of premium quality lubricants across India.

With this, GP Petroleums, which has a strong presence in the industrial lubricants with its flagship brand IPOL, will now unleash a new aggressive marketing strategy in the automotive segment also with Repsol, a global leader in the lubricant space, the company said in a statement.

GP Petroleums' net profit fell 56.3% to Rs 2.77 crore on 24.6% decline in net sales to Rs 89.86 crore in Q4 March 2015 over Q4 March 2014.

GP Petroleums, previously known as Sah Petroleums, specializes in designing, manufacturing and marketing, industrial & automotive lubricants, process oils, transformer oils, greases and other specialties under the brand name IPOL in India and internationally for more than three decades.

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