Today GP Petroleum share price opened at Rs. 73.20 and went hiking over 8% to trade at Rs. 79.45. So far, around 5.6 lakhs shares have changed hands over the NSE Counter. Currently, the stock is trading at Rs. 18.30 with a rise of 7.33%.
Flashback:
In August, GP Petroleum, the subsidiary of Gulf Petrochem Group, a UAE-based top player in the oil sector decided to distribute Indian subsidiary GP Petroleums’ iconic IPOL brand of lubricant in the UAE and Oman. The distribution was done in the partnership with NGC Energy and with National Gas Company SAOG in Oman for five years. Both partners have previously set targets of 100 MT/month of lubricant volumes each in the UAE and Oman, by the ending of the first year of trading. Operations are expected to fully begin in Q3 of 2016, with National Gas Co and NCG Energy, at present, recruiting additional sales staff and developing infrastructure facilities, together with warehouses and delivery vehicles, as part of the agreement.
Share price Analysis:
The current month high and low of GP petroleum share price stands at Rs. 75 and Rs. 55.60 respectively. While in the previous month the value for the high was Rs. 62.25 and the low was Rs. 54.60. The current week high of the stock is 74.80 while it was Rs. 75 previous week. The current week low stands at Rs. 69.55 while for the previous week it was Rs. 64.40.
About the company:
GP Petroleum is dedicated in designing, manufacturing and marketing, industrial & automotive lubricants, process oils, transformer oils, greases and other specialties under the brand name IPOL in India and internationally for more than 40 years. GP Petroleum is the top 500 pick for the quarter identified by Dynamic Levels. For details on the support and resistance levels of GP Petroleum, please visit GP Petroleum share price forecast page of Dynamic Levels Website.
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