GP Petroleums shine post resuming Vasai plant

The stock of petroleum lubricating oil & grease manufacturing company, GP Petroleums Ltd (GPPL), jumped over seven per cent after the company announced that it has resumed operations at its 80,000 tonnes Vasai lubricant plant (Maharashtra).

Due to the current COVID-19 pandemic, Government of India had announced a nationwide lockdown in March to prevent the spread of the virus. However, certain sectors were categorised into ‘essential services’ and permitted to operate after undertaking all necessary measures, in-line with the government advisory of maintaining 50 per cent workforce capacity. GP Petroleums resumed its operations amid this lockdown to cater to the needs of those working during these difficult times.

In an exchange filing made on Wednesday after the market hours, the company said that it will prioritise its supply to essential services such as sugar as well as power generation industries. GPPL has come forward to supply lubricants, sugar lube oils, hydraulics, gear oil, greases, etc. to these industries for enabling them to run smoothly.

GP Petroleums Limited (GPPL) is a part of UAE-based GP Global Group and a leading automotive and lubricant manufacturer in India.

At 1.54 pm on Thursday, the stock of GPPL is trading at Rs 40.85, up by 7.78 per cent against its previous close of Rs 37.90. Its 52-week high is Rs 69.50 while, its 52-week low is Rs 24.60 on BSE.