Confidence Petroleum gains 4 per cent on order win from BPCL

Confidence Petroleum India has secured the orders for supply of 9.01 LAC LPG cylinders of capacity 14.2 kg amounting to Rs. 139.6 crore from Bharat Petroleum Corporation Limited (BPCL), informed the company on Monday.

The company is expecting similar orders from other petroleum majors, HPCL and IOC as well.

Confidence Petroleum operates in four divisions: sale of packed cylinders, bottling division, cylinder manufacturing and ALDS (for public transportation). The Confidence Group is India’s largest private sector LPG bottler. The group’s prime clientele are PSU oil companies and private players. It is Asia’s largest cylinder manufacturer with the capacity of ~50 lakh units per annum.

The company is scheduled to announce its result for the quarter ended June 30, 2018, on August 7.

Cheering the news, the stock jumped up by 4 per cent and made an intraday high of Rs. 51.50 per share on the BSE, during Monday's morning session.