Confidence Petroleum on Wednesday announced that it has secured orders worth Rs 3619.6 million for supply of 3 million LPG cylinders. The orders have been secured from Navaratna public oil companies, Bharat Petroleum Ltd (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC). The company has bagged order worth Rs 157.96, whereas the company’s subsidiaries, Gas Point Bottling, Confidence technologies and Unity Cylinders & Equipment has won order worth Rs 180 million.
Confidence LPG Bottling and Bluefame Industries has won orders worth Rs 480 million, and North-East Cylinder Industries has won order worth Rs 540 million. Confidence Petroleum India Limited is an India-based manufacturer of liquefied petroleum gas (LPG) cylinders for domestic, as well as commercial use. It engages in the business of LPG and auto LPG manufacturing, packed cylinder in the brand name of Go Gas.
Stock view: Confidence Petroleum India Ltd is currently trading at Rs 17.27, up by Rs 0.82 or 4.98% from its previous closing of Rs 16.45 on the BSE. The scrip opened at Rs 17.27 and has touched a high and low of Rs 17.27 and Rs 16.6 respectively. So far 2288408(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 4.2573 billion. The BSE group 'XT' stock of face value Rs 1 has touched a 52 week high of Rs 16.45 on 04-Jul-2017 and a 52 week low of Rs 4.87 on 08-Jul-2016. Last one week high and low of the scrip stood at Rs 16.45 and Rs 14.93 respectively. The promoters holding in the company stood at 49.47 % while Institutions and Non-Institutions held 0.78 % and 49.75 % respectively. The stock is currently trading above its 50 DMA.