The shares of BP’s unit lube manufacturer Castrol India saw a jump of more than 13 percent on Thursday amid reports of Saudi Arabia’s official oil company Aramco considering buying Lubricant brand. According to PTI news, the company’s stock continued to rise in the fourth consecutive season and rose 13.36 percent to Rs 252 on BSE. Similarly, it rose 13.32 percent to Rs 251.95 per share on the National Stock Exchange (NSE).
Market condition
According to the news, in the afternoon, the 30 -share BSE Sensex was trading at 74,131.14 in the mid -session trading at 74,131.14, while NSE’s Nifty rose 126.70 points or 0.57 percent to 22,464. According to reports, Saudi Aramco is considering buying BP’s Lubricant Division, which works under the Castrol brand. As part of an important reorganization attempt, BP (formerly British Petroleum) has introduced a strategic evaluation of its Castrol Lubricant Division, stating that its evaluation could be around 10 billion US dollars.
Aramco announced
The report stated that Aramco may consider mixing the Castrol Assets with its valveline lubricant unit, which he bought in 2023 for US $ 2.65 billion. Last year, Aramco announced that it was looking for additional refining and chemical acquisition in India, China and Southeast Asia, which she recognizes as important development markets.
Castrol India recorded a strong growth year-on-year (YOY) in the third quarter (3Q) from July to September 2024 in the third quarter ended September 30, 2024, with revenue and tax gains 9% and 6% respectively. While the revenue was ₹ 1,288 crore, PBT ₹ 280 crore was recorded for the quarter. The company follows the calendar year (January to December) for financial reporting.
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