Gulf Oil on smooth ride
Gulf Oil Corporation has been consistently hitting new highs since the past couple of days and today too was no different; It opened higher at Rs.119.50 and went on to hit a new high at Rs.120.95 and currently remains around the same levels.
The stock has been zooming up and finally the reason was known on 7th, Monday wherein the company announced, post market closing that its promoter, Gulf Oil International (Mauritius) Inc. (GOIMI) has recently acquired additional shares to the extent of 4.99%, increasing their shareholding in the Company to 54.96%. With this, the company becomes subsidiary of GOIMI.
This Hinduja group company, which makes and sells lubricant oil under the brand name of ‘Gulf’ had ended Q3FY14 with a 20% (YoY) rise in net profit at Rs.18 crore and had declared an interim dividend of 125%.