Confidence Petroleum wants to build 500 CNG stations in four years.
For the quarter, Confidence Petroleum saw a drop in revenue and profit after taxes. Nitin Khara, the company’s Chairman and Chief Executive Officer, spoke with CNBC-TV18 about the data and the company’s CNG business development.
Confidence Petroleum, he added, plans to build 500 CNG stations in the next four years.
Due of the COVID-19 epidemic, the company lost some income in the quarter, but Khara feels they performed well because they are in the LPG sector and are moving into the CNG market.
“In the LPG business, we did 65% of what we did in the previous quarter, which was Q4,” he added, adding that the company has inked a CNG distribution deal with GAIL and is on pace. Is. He said that by Diwali, the company will have operationalized 20 of the 100 stations.
Khara stated that the joint venture for CNG cylinders is extending into CNG production as well as CNG station construction. “One of our subsidiaries has noticed a rise in CNG production. “In Nagpur, we are constructing a major CNG cylinder manufacturing factory, and we have bought Sarju Impex, a unit of that company,” he added.
Confidence Petroleum is building 100 CNG stations in Bengaluru, according to Khara, and has inked an agreement with GAIL to create the stations.
He stated that the company is seeking new collaborative ventures in order to develop its CNG distribution station operations across the country. “In the next four years, we want to build 500 CNG stations,” he stated.
CNBCTV18.com is the source of this information.
The Confidence Petroleum division has begun work on a project to manufacture high-pressure cylinders.
Confidence Petroleum India has stated that its subsidiary has begun project work at MIDC Umred near Nagpur to manufacture High-Pressure Cylinders (Oxygen, Industrial Gas, and CNG). Confidence Enterprises, a wholly owned subsidiary of Confidence Futuristic Energtech, has begun development on the project.
Futuristic Confidence Confidence Petroleum has a subsidiary called Energtech.
This is due to the anticipated increase in demand for high-pressure oxygen and CNG cylinders.
According to the corporation, this new machine will be able to produce 3,60,000 cylinders every year.
On the Sensex, Confidence Petroleum closed 0.96 percent higher at Rs 63.05 a share.
Indiainfoline.com is the source for this information.
A subsidiary of Confidence Petroleum has acquired a 75 percent share in Sarju Impex.
Confidence Petroleum India has announced that its subsidiary, Futuristic Energtech, has acquired a 75 percent stake in Sarju Impex, which is located in the Dahej SEZ in Gujarat.
The plant is up and running, producing high-pressure oxygen and compressed natural gas cylinders.
The plant can produce 1,80,000 high-pressure oxygen and compressed natural gas cylinders per year.
The Board of Directors stated that the company will focus on further bridging the oxygen cylinder supply shortage in this time of crisis by utilising its expertise in cylinder manufacturing.
The acquisition is a significant step toward CNG value chain integration, allowing CGD enterprises to extend their station network through cascades and secure CNG cylinder supply for autos. To make green and clean fuel accessible to all citizens.
Business-standard.com is the source for this information.
The share price of Confidence Petroleum has increased by 7% as a result of the agreement with GAIL Gas.
Confidence Petroleum’s stock soared more than 7% intraday on March 26 after the firm announced that it has inked an agreement with GAIL Gas to build and manage 100 CNG stations in Bengaluru over the next three years.
GAIL Gas Limited is one of India’s largest city gas distribution companies, whereas Confidence Petroleum India Limited is the country’s largest private sector LPG firm, having operations in 22 states.
The installation of 100 CNG stations would considerably increase automotive users’ access to auto fuels.
Confidence Petroleum was selling at Rs 43.45 on the BSE at 1243, up Rs 2.75 or 6.76 percent.
On March 10, 2021, Confidence Petroleum reached a 52-week high of Rs 49.40 and a 52-week low of Rs 12.85. It is now trading 12.04 percent higher than its 52-week high and 238.13 percent higher than its 52-week low.
On the BSE, GAIL India was bidding at Rs 130, up Rs 2.05 or 1.60 percent.
Moneycontrol.com is the source for this information.
On getting MRU for CNG distribution, Confidence Petroleum reaches a 52-week high.
Confidence Petroleum’s stock hit a 52-week high of Rs 31 on December 1, up more than 12%, after the business received its first Mobile Refueling Unit (MRU) for CNG supply.
City Gas Distribution Company, a joint venture of MNGL, BPCL, GAIL, and the Maharashtra government that distributes CNG and PNG in Pune, has granted Confidence Petroleum India Limited the first MRU (Mobile Refueling Unit) for CNG distribution in Pune. The company stated in a press release that city areas such as Hinjewadi, Talegaon, and others would be affected.
In conjunction with PSU oil companies and gas distribution firms such as BPCL, GAIL, and others, the company is confident in executing this idea in many states across India.
Confidence Petroleum was trading at Rs 31.15 on the BSE at 14:45, up Rs 3.45 or 12.45%.
Moneycontrol.com is the source for this information.
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