Castrol India gained 3.46% to Rs 299 at 11:19 IST on BSE as trading in shares of the company resumed on the bourses today, 14 March 2014 pursuant to Scheme of Arrangement involving reduction of share capital.
Meanwhile, the BSE Sensex was down 142.65 points, or 0.66%, to 21,631.96
On BSE, so far 328 shares were traded in the counter. The stock is being traded in trade-to-trade (T2T) segment, implying mandatory settlement of trade.
The stock opened with an upward gap, and traded at Rs 299 so far in the day. The stock hit a record high of Rs 371.45 on 4 June 2013. The stock hit a 52-week low of Rs 286 on 30 January 2014.
Trading in shares of Castrol India resumed on the bourses today, 14 March 2014. Trading in the shares of the company was suspended late last month to give effect to the company's capital reduction scheme. As per the capital reduction scheme, the company had returned Rs 5 per share to shareholders from the initial fully paid-up face value of Rs 10 per share. After returning Rs 5 per share to each shareholder, the face value of the shares has now been reduced to Rs 5 per share. The scrip was last traded at Rs 289 on BSE on 26 February 2014 when the face value per share was Rs 10.
The capital reduction scheme was approved by Castrol India's board of directors on 26 April 2013 and was approved by shareholders on 9 October 2013. The Scheme was sanctioned by the Hon'ble High Court of Judicature at Bombay on 20 December 2013. The Scheme was confirmed by the Registrar of Companies on 20 January 2014.
Castrol India's after net profit rose 7% to Rs 126.20 crore on 7.8% increase in total income to Rs 836.60 crore in Q4 December 2013 over Q4 December 2012.
Castrol India manufactures and markets a range of automotive and industrial lubricants. It markets its automotive lubricants under two brands - Castrol and BP. The company has leadership positions in most of the segments in which it operates including passenger car engine oils, 4-stroke oils and multigrade diesel engine oils. Castrol India has the largest manufacturing and marketing network amongst the lubricant companies in India. The company has three manufacturing plants, including a state-of-the-art plant in Silvassa. The company reaches its consumers through a distribution network of over 270 distributors, servicing over 91000 retail outlets.
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