Gulf Oil Corporation is currently trading at Rs. 77.30, up by 0.65 points or 0.85 % from its previous closing of Rs. 76.65 on the BSE.
The scrip opened at Rs. 78.00 and has touched a high and low of Rs. 78.00 and Rs. 76.50 respectively. So far 8591 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. 82.50 and Rs. 75.65 respectively. The current market cap of the company is Rs. 759.45 crore.
The promoters holding in the company stood at 49.96 % while Institutions and Non-Institutions held 17.11 % and 32.93 % respectively.
Gulf Oil Corporation has received its board's approval to divest its holding in the three subsidiaries namely Gulf Oil Yantai (51% holding), Gulf Oil Indonesia (75% holding) and Gulf Oil Bangladesh (51% holding) for an overall amount of around Rs 54.90 crores (cost of investment Rs 29.10). Accordingly, the steps will be taken to operationalise the disinvestment over the next 2-3 months taking into account regulatory requirements, if any in the respective countries.
The disinvestment will also help the company to focus on the Lubricants' business in India and grow further with demerging the business into a listed company namely Gulf Oil Lubricants India (formally Hinduja Infrastructure).
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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