Shares of lubes maker Castrol India, a unit of BP, surged more than 13 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 session, the stock of Castrol India zoomed 13.36 per cent to Rs 252 apiece on the BSE.
On the National Stock Exchange (NSE), it climbed by 13.32 per cent to Rs 251.95 per share.
The 30-share BSE Sensex climbed 400.91 points or 0.54 per cent to trade at 74,131.14 in the mid-session trade, while Nifty of NSE rose 126.70 points or 0.57 per cent to 22,464.
According to reports, Saudi Aramco is considering to buy BP's lubricant division, which operates under the Castrol brand. As part of a significant restructuring effort, BP (formerly the 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.
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