The shares of this LPG manufacturing company more than tripled in one year

The shares of Confidence Petroleum India have gained by around 160 per cent in the last one year backed by strong business growth. Recently, the company also informed that it has signed an agreement with GAIL Gas.  

GAIL Gas and Confidence Petroleum signed an agreement for setting up 100 CNG stations on a built & operate basis in Bengaluru in the next three years. It is thought that the setting up of 100 CNG stations, going forward will significantly improve the accessibility of CNG auto fuel for automobile users such as cars, auto-rickshaw, buses, and heavy vehicles in the city of Bengaluru.  

Both the companies are strong-headed on making available clean, cheap, sustainable, and green fuel in Bengaluru as well as across India. The companies have been undertaking this approach so as to promote the need to alleviate pollution and move towards a low carbon, sustainable, gas-based economy.  

Confidence Petroleum India Limited is a manufacturer of liquefied petroleum gas (LPG) cylinders for domestic as well as commercial use.  

The share of the company gained 11.6 per cent on a YTD basis while in a period of one year, it jumped by around 160 per cent.  

On Friday, the shares of Confidence Petroleum India were seen trading at Rs 43.20 per share, up by 6.14 per cent or Rs 2.50 per share. The scrip’s 52-week high is Rs 49.40 per share while its 52-week low is Rs 14.55 per share on BSE.