India's GP Petroleums gains on 2.2 bln-rupee deal with HPCL

GP Petroleums

02/12/2024 06:13

** GP Petroleums  GPPE.NS  rises ~7.3% to 65.51 rupees
    ** Lubricants maker enters into supply agreement for bulk
bitumen VG30 with state-owned oil marketing co Hindustan
Petroleum  HPCL.NS 
    ** Bitumen VG30 is a binder used in insulation, water
proofing, pipe coating and road construction
    ** Under deal, GPPE will provide about 50,000 metric tonnes
of the binder at various locations as required by HPCL
    ** Total deliverable value of the agreement is 2.23 bln
rupees ($26.3 mln)
    ** Agreement valid for a year and may be extended for an
additional year at the discretion of HPCL
    ** GPPE up ~20% YTD

($1 = 84.6725 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))