GP Petroleums Ltd has successfully obtained a contract to provide bulk bitumen to Hindustan Petroleum Corporation Ltd (HPCL), as revealed in a regulatory filing. The deal is valued at Rs 223 crore.

Under the agreement, GP Petroleums is set to deliver approximately 50,000 metric tons of bulk bitumen to HPCL. The contract initially covers a one-year period, with the possibility of a one-year extension at HPCL’s discretion.

The filing stated: “GP Petroleums Ltd… has formalized a Supply Agreement for Bulk Bitumen - VG30 with Hindustan Petroleum Corporation Limited (a Government of India enterprise), dated November 29, 2024. The agreement involves supplying Bulk Bitumen - VG30, compliant with IS 73-2013 standards, to various HPCL-designated locations.”

HPCL recently reported an increase in its standalone profits during the second quarter of the 2025 fiscal year, although it fell short of analysts’ expectations by nearly 70%. Analysts had predicted profits of Rs 2,008 crore.

Instead, HPCL’s standalone profits rose by 77%, reaching Rs 631 crore for the July-September period, up from Rs 356 crore in the preceding quarter.

On the NSE, HPCL’s shares ended 0.82% higher at Rs 383.10, slightly underperforming the benchmark Nifty 50, which rose 0.91%. Year-to-date, HPCL’s stock has climbed 44.06%, with a 67.81% gain over the past year. The stock recorded an intraday high of Rs 385, representing a 1.32% increase. Of the 34 analysts tracking HPCL, 19 have issued a ‘buy’ recommendation, five suggest ‘hold,’ and 10 advise ‘sell.’

The average 12-month price target from analysts implies a potential upside of 5.6%.

Meanwhile, GP Petroleums Ltd’s shares closed 1.29% lower at Rs 61.04 on the NSE, despite the Nifty 50 gaining 0.91%. Over the year-to-date period, the company’s stock has risen 11.39%, with a 17.6% increase over the past 12 months. During the day, the stock recorded an intraday low of Rs 1.79, reflecting a 2.89% decline.

By Bitumenmag