Castrol India jumps after promoter pares stake

Castrol India surged 9.35% to Rs 461.95 at 14:56 IST on BSE after the company's promoter offloaded 8.53% stake in the company in a massive bulk deal.

Meanwhile, the S&P BSE Sensex was down 104.81 points, or 0.37%, to 28,529.69

Bulk deal boosted volume on the scrip. On BSE, so far 5.86 crore shares were traded in the counter as against average daily volume of 1.88 lakh shares in the past one quarter. The stock hit a high of Rs 469.75 and a low of Rs 426.10 so far during the day. The stock hit a 52-week high of Rs 478.40 on 9 September 2016. The stock hit a 52-week low of Rs 360.10 on 1 March 2016. The stock had outperformed the market over the past 30 days till 19 September 2016, rising 3.99% compared with Sensex's 1.99% rise. The scrip also outperformed the market in past one quarter, gaining 12.19% as against Sensex's 6.79% rise.

The large-cap company has an equity capital of Rs 247.28 crore. Face value per share is Rs 5.

Castrol India said that the company's promoter, Castrol, sold 4.21 crore shares or 8.53% stake in Castrol India in a bulk deal on BSE today, 20 September 2016. The announcement was made during trading hours today, 20 September 2016.

After the sale of shares, Castrol's stake in Castrol India has reduced to 50.89%.

Castrol India's net profit rose 12.14% to Rs 206.90 crore on 5.18% growth in net sales to Rs 967.90 crore in Q2 June 2016 over Q2 June 2015.

Castrol India manufactures and markets a range of automotive and industrial lubricants.

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