The stock is currently trading at Rs40.35, up by Rs2.45 or 6.46% from its previous closing of Rs37.90 on the BSE.
The operations have commenced basis importance of lubricants to help major manufacturing plants to run smoothly. The company plans to operate the 80,000 tonnes Vasai lubricant plant at required capacity as per the permissions received and will be managing daily functioning as per government guidelines with a 50% headcount, as most of the workers reside near the plant.
“Certain industries are being permitted to open certain sections of their plants, with certain precautions, SOPs and with the minimum workforce. We have the necessary clearance from the local authorities and upon resumption, our priority is to cater to the sectors which fall under essential services. We will prioritise the dispatch of 2 lakh litres to Western Coalfields Ltd (WCL) which is one of our biggest and oldest customers, said Prashanth Achar, CEO, GPPL.
The company’s industrial lubricants brand IPOL is an industry-leading product. It is used in the operation of machinery engaged in coal production and the company had received a special request from WCL to supply the same to continue their operations. In fact, as a special case, we have already supplied part quantity of the product to WCL’s three plant locations ‐ Yavatmal, Wani and Chandrapur in Maharashtra.
The sugar industries of Haryana and Maharashtra have appreciated GPPL’s effort to supply various range of sugar lube oils, hydraulics, gear oil and greases to help run their plants effectively in the government ordered a lockdown.
Moreover, GP Petroleums also is gearing up for the production of water-soluble cutting coolant to avoid any major health hazard post the government lockdown. The company is one of the largest suppliers of water-soluble cutting oils & semi‐synthetic coolants to the various leading automotive & engineering Industries across the country.
These cutting coolants are used in 2 to 5% concentration for the cutting operations. Since these cutting coolant emulsions are stood still & not in circulation it will lead to huge bacteria & fungi formation which would result in major hygiene issues across the Industries.