Gulf Oil glitters after starting lubricant oil production at plant

Gulf Oil Lubricants India rose 1.4% to Rs 990 at 10:43 IST on BSE after the company said that the commercial production for manufacturing of lubricants oil commenced at its newly set-up plant at Chennai.

The announcement was made after market hours yesterday, 14 December 2017.

Meanwhile, the S&P BSE Sensex was up 261.80 points or 0.79% at 33508.50. The S&P BSE Mid-Cap index rose 143.16 points or 0.85% at 16,949.56, outperforming the Sensex.

On the BSE, 107 shares were traded on the counter so far as against the average daily volumes of 9,239 shares in the past one quarter. The stock had hit a high of Rs 1,000 and a low of Rs 984.50 so far during the day. The stock had hit a record high of Rs 1,098.50 on 1 December 2017. The stock had hit a 52-week low of Rs 577 on 26 December 2016.

The stock fell 0.51% over the past one month till 14 December 2017, underperforming the Sensex's 0.93% rise. The scrip had, however, outperformed the market in past one quarter, gaining 23.57% as against Sensex's 3.12% rise. The scrip had also outperformed the market in past one year, jumping 48.71% as against Sensex's 24.97% rise.

The mid-cap company has equity capital of Rs 9.94 crore. Face value per share is Rs 2.

Gulf Oil Lubricants India said that the commercial production for manufacturing of lubricants oil commenced on 14 December 2017 at the company's newly set-up plant at Chennai (Ennore). The installed manufacturing capacity of new plant is 50,000 kilo liters (KL) per annum.

Gulf Oil Lubricants India's net profit rose 38% to Rs 40.42 crore on 22.6% rise in net sales to Rs 322.95 crore in Q2 September 2017 over Q2 September 2016.

Gulf Oil Lubricants India makes automotive and industrial lubricants, greases and 2-wheeler batteries. The company markets lubricants under the Gulf brand.

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