Confidence Petroleum’s Stocks Skyrocket Over 7% In Just 1 Day
In only one day, Confidence Petroleum India’s stock rose by over 7% on Dalal Street. Following the company’s receipt of a license to operate a commercial CNG station, investors reacted positively.
In addition, the company received a contract for over 22.80 crore to provide CNG cascades.
Confidence Petroleum shares closed up 2.88 percent on the BSE at 57.25 per share. The company’s market valuation was 1,625.97 crore at the time of the closing price.
It reached an intraday peak of 59.60 per share. In one day, the shares have risen by at least 7.10 percent from their previous closing price of ₹55.65 per share.
The firm is an LPG, CNG, PNG, and LNG provider with a small-cap stock market listing.
Confidence Petroleum’s stock has risen today as a result of its strong CNG contracts with big oil companies.
The business reported the construction of 7 CNG facilities in Bangalore, got a commercial operating license for three, and began CNG distribution, according to its regulatory filing.
The deal with Gail Gas for the establishment of 100 CNG facilities in Bangalore included this.
According to the Confidence Petroleum,
“Other upcoming CNG Stations are in line and are expected to be operational soon.”
Confidence Petroleum has built up CNG stations all around the country in an effort to promote sustainable energy and environmental preservation.
In addition, the business is working to complete Prime Minister Narendra Modi’s plan to commission 10,000 CNG facilities across India.
Confidence Petroleum also received an annual rate contract worth more than ₹22.80 crore from BPCL/BGRL for the delivery of 75 units.
CNG Mobile And Stationary Cascades (TypeI) for the BPCL/BGRL City Gas Distribution project throughout 17 geographical zones.
Confidence Petroleum is a diversified energy company with a strong presence in LPG. It presently operates 58 LPG bottling and blending plants, more than 209 auto LPG dispensing outlets, and more than 1,300 dealers and distributors in 22 states.