Confidence Petroleum soars on receiving license for operating CNG stations

Confidence Petroleum India jumped 4.58% to Rs 58.20 after the company said that it had received license for commercial operation of CNG stations at Bangalore.

In line with the agreement with Gail Gas for the establishment of 100 CNG stations in the city of Banglore, the company has completed seven CNG stations in Bangalore, received the license for commercial operation for three, and started CNG dispensing.

Other upcoming CNG stations are in line and are expected to be operational soon, Confidence Petroleum said in an exchange filing.

Separately, the company said that it had bagged an order for the supply of 75 units of CNG mobile and stationary cascades for the BPCL/BGRL city gas distribution project in 17 geographical areas worth Rs 22.80 crore.

Confidence Petroleum India is engaged in LPG cylinder manufacturing, LPG bottling & blending, and running auto LPG dispensing stations.

The company's consolidated net profit declined 47.89% to Rs 13.57 crore despite a 13.44% rise in sales to Rs 383.54 crore in Q4 FY22 over Q4 FY21.

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