Castrol India shares jump over 10 pc

Shares of lubes maker Castrol India jumped more than 10 per cent on the bourses on Thursday amid reports that Saudi Arabia's state-owned oil giant Aramco is considering taking ownership of BP's lubricant brand.

Extending the gains for the fourth straight day, Castrol India's stock climbed 10.59 per cent to close at Rs 245.85 apiece on the BSE.

The scrip of the company appreciated by 10.15 per cent to settle at Rs 244.90 on the NSE.

In volume terms, 7.39 crore equity shares of Castrol India were traded on the National Stock Exchange (NSE) and 23.62 lakh shares exchanged hands on the BSE during the day.

The 30-share BSE Sensex jumped 609.86 points or 0.83 per cent to settle at 74,340.09 and the broader Nifty of NSE advanced 207.40 points or 0.93 per cent to close at 22,544.70.

According to reports, Saudi Aramco is considering buying BP's lubricant division, which operates under the Castrol brand. As part of a significant restructuring effort, BP (formerly British Petroleum) has initiated a strategic evaluation of its Castrol lubricants division, stating that it could have a valuation of nearly USD 10 billion.

Aramco could look to combine Castrol assets with its Valvoline lubricants unit, which it bought in a USD 2.65-billion deal completed in 2023, the reports said.

Last year, Aramco announced that it is searching for additional refining and chemicals acquisitions in India, China, and Southeast Asia, which it identifies as significant growth markets.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)