India's GP Petroleums rises on JV with West Coast Oils

GP Petroleums

10/10/2024 08:39

** Shares of industrial and automotive lubricants maker GP
Petroleums  GPPE.NS  rise 5% to 80.16 rupees
    ** GPPE set for best day since Sept. 17
    ** Co to enter a joint venture agreement with West Coast
Oils in Gujarat to form a new entity for specialty bitumen
products business
    ** Initial size of the JV entity at 220 million rupees
($2.62 million)
    ** Stock up ~47% so far this year after gaining ~28% in 2023
    ** YTD, peer Kotyark Industries  KOTY.NS  down ~6%


($1 = 83.9380 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))