Castrol battered by disappointing data

DALAL STREET SPIKES

Lube oil major Castrol tanked more than 5 per cent in intra-day trades on disappointing Q4 results. The stock hit an intra-day low of Rs 215 before closing at Rs 200.35.

Volumes accounted for more than 1.35 lakh shares on BSE. Its net profit declined 30.3 per cent to Rs 22.44 crore during the quarter ended December 2004 from Rs 32.20 crore in the same quarter last year. Net sales, however, rose 7.9 per cent to Rs 359.83 crore from Rs 333.42 crore.

Analyst said, high global oil prices have affected Castrol's profits in the current year. Castrol is a major player in diesel engine oils.

This segment constitutes over 50 per cent of the total lubricants market. The rumours of company opting for a buyback has attracted buying interest at this counter very often, said sources.

Castrol commands an overall market share of 25 per cent, with around 20 per cent in the truck segment, 30 per cent in tractors, 35 per cent in cars, 45 per cent in motorcycles and 10 per cent in scooters.