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Gulf Oil Corporation soars on plan to demerge Lubricants business into separate listed company

27 May 2013 Evaluate

Gulf Oil Corporation is currently trading at Rs. 67.00, up by 1.85 points or 2.84% from its previous closing of Rs. 65.15 on the BSE.

The scrip opened at Rs. 65.15 and has touched a high and low of Rs. 68.40 and Rs. 65.15 respectively. So far 40359 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 103.50 on 05-Oct-2012 and a 52 week low of Rs. 56.25 on 22-Mar-2013.

Last one week high and low of the scrip stood at Rs. 68.40 and Rs. 60.55 respectively. The current market cap of the company is Rs. 671.71 crore.

The promoters holding in the company stood at 49.96% while Institutions and Non-Institutions held 16.73% and 33.31% respectively.

Gulf Oil Corporation has received an approval to demerge the Lubricants business into a separate listed company. The board of directors at its meeting held on May 25, 2013 has approved for the same pursuant to the recommendation of the Committee of Directors. The detailed scheme of arrangement will be considered by the board in the next meeting.

Gulf Oil Corporation is engaged in manufacturing industrial explosives, mining products, lubricants, speciality oils and chemicals, active pharma ingredients (bulk drugs) and pharma formulations.

 

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