BPCL: Gujarat Gas (GGL) shares faced losses, whereas Bharat Petroleum Corporation (BPCL) shares surged in early trading on March 11, following the company’s move to streamline operations and enhance service delivery through a new contract.
By 9:34 am, Gujarat Gas was trading at Rs 563.45, marking a decrease of Rs 6.95 or 1.22 percent, while Hindustan Petroleum Corporation stood at Rs 513.20, reflecting an increase of Rs 4.50 or 0.88 percent on the BSE.
The partnership involves BPCL providing liquid fuels like petrol and diesel, as well as related petroleum products such as automotive lubricants, greases, and specialty items, at specific GGL locations. This collaboration aims to make these products more accessible to customers and meet their diverse needs effectively. It leverages the expertise of BPCL in petroleum products and the strategic positioning of GGL‘s locations. The partnership is focused on delivering quality and convenience to consumers, enhancing customer satisfaction, and expanding market presence for both entities.
BPCL will distribute automotive lubricants, greases, and specialty products at both GGL’s COCO (company-owned, company-operated) and franchise outlets. This also involves the expansion of CNG infrastructure, including the establishment of a CNG facility at BPCL COCO outlets and the installation of a CNG mother facility at BPCL outlets.
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In the quarter ending December 2023, Gujarat Gas recorded a 40.5 percent decline in its net profit, amounting to Rs 221.02 crore.
In its report dated February 19, Motilal Oswal reaffirmed its ‘buy’ rating for Gujarat Gas, setting a target price of Rs 675 per share.
