Gulf Oil spurts on share buyback report

DALAL STREET SPIKES

Gulf Oil Corporation was frozen at the 10 per cent upper circuit at Rs 101.05 after the company announced that the board, at its meeting on September 14, will consider a proposal for a buy back of shares.

As a result the stock spurted to Rs 101.05 with pending buy order at the counter. More than 22,700 shares changed hands at this counter on BSE on Tuesday.

The recent rally in the mid-cap stocks has also had its effect in Gulf Oil stocks. From Rs 80.40 on 11 August 2004, the scrip has now gained nearly 25 per cent to Tuesday's close of Rs 101.05.

According to market sources, a section of the market was expecting some positive development at the counter that resulted in renewed buying at this counter over the past one month.

The company recently forayed into the automobile maintenance and servicing segment through Gulf Automobile Maintenance Service.