Home / Companies / News /  This small-cap stock skyrockets over 7% in one day, here's why
Listen to this article

Confidence Petroleum India skyrocketed by more than 7% on Dalal Street in just one day. Investors cheered the firm after it received a license for the commercial operation of the CNG station. Further, the company bagged an order for supplying CNG cascades worth over 22.80 crore.

On BSE, Confidence Petroleum shares ended at 57.25 apiece up 2.88%. At the closing price, the company's market cap stood at 1,625.97 crore.

It has touched an intraday high of 59.60 apiece. Compared to its previous closing of 55.65 apiece, the shares have climbed by at least 7.10% in one day.

The company is listed as small-cap on stock exchanges and is an LPG, CNG, PNG, and LNG supplier.

The rally in Confidence Petroleum today was due to its strong CNG deals from major oil companies.

As per its regulatory filing, the company announced the completion of Seven CNG stations in Bangalore, received a license for commercial operation for three, and started CNG dispensing.

This was part of the company's agreement with Gail Gas for establishing 100 CNG stations in Bangalore.

Confidence Petroleum said, " other upcoming CNG Stations are in line and are expected to be operational soon."

Across the country, Confidence Petroleum has ventured to set up CNG Stations with an aim to nurture clean energy sources and environmental protection. Also, the company focuses on fulfilling the Prime Minister's program of commissioning 10,000 CNG Stations across India.

In another development, Confidence Petroleum bagged an annual rate contract for the supply of 75 Nos. CNG Mobile And Stationary Cascades (TypeI) for BPCL/BGRL City Gas Distribution project at 17 geographical areas worth more than 22.80 crore.

Confidence Petroleum has diversified business interests in the energy sector with a significant presence in LPG Energy. It currently has 58 LPG Bottling & Blending Plants, over 209 Auto LPG Dispensing Stations, and over 1,300 Dealers & Distributors across 22 states.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Recommended For You
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout