Friday , September 17 2021

Gulf Oil Lubricants jumps on getting nod for acquisition of minority stake in Indra Renewable Technologies

Gulf Oil Lubricants India is currently trading at Rs. 715.00, up by 18.95 points or 2.72% from its previous closing of Rs. 696.05 on the BSE.

The scrip opened at Rs. 694.00 and has touched a high and low of Rs. 721.00 and Rs. 694.00 respectively. So far 8356 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 849.05 on 27-Feb-2020 and a 52 week low of Rs. 450.00 on 23-Mar-2020.

Last one week high and low of the scrip stood at Rs. 726.80 and Rs. 667.20 respectively. The current market cap of the company is Rs. 3576.00 crore.

The promoters holding in the company stood at 72.02%, while Institutions and Non-Institutions held 17.51% and 10.17% respectively.

Gulf Oil Lubricants has received approval from board of directors for acquisition of minority stake in Indra Renewable Technologies (IRTL) (incorporated under the laws of England and Wales) from Gulf Oil International — a Cayman Island company. Through this investment, Company will have access to this technology and also exclusivity for India market from IRTL which is key to EV strategy of India.

Gulf Oil Lubricants, part of Hinduja Group, is an established player in Indian lubricant market. It markets a wide range of automotive and industrial lubricants, greases, 2-wheeler batteries, etc.

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