Gulf Oil Corporation rose 3.1% to Rs 119.90 at 9:47 IST on BSE after the company said that its promoter has recently acquired additional shares to the extent of 4.99%, increasing its shareholding in the company to 54.96%.
The announcement was made after market hours on Monday, 7 April 2014. The stock market was closed on Tuesday, 8 April 2014, on account of Ram Navami.
Meanwhile, the S&P BSE Sensex was up 89.74 points or 0.4% at 22,433.19.
On BSE, so far 33,000 shares were traded in the counter as against average daily volume of 1.38 lakh shares in the past one quarter.
The stock hit a high of Rs 120.90 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 118 so far during the day. The stock had hit a 52-week low of Rs 58.45 on 20 June 2013.
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The stock had outperformed the market over the past one month till 7 April 2014, surging 18.55% compared with the Sensex's 1.93% rise. The scrip had also outperformed the market in past one quarter, jumping 24.05% as against Sensex's 7.97% rise.
The small-cap company has equity capital of Rs 19.83 crore. Face value per share is Rs 2.
Gulf Oil Corporation said that the company's promoter, Gulf Oil International (Mauritius) Inc. (GOIMI) has recently acquired additional shares to the extent of 4.99%, increasing its shareholding in the company to 54.96%. With this, the company becomes subsidiary of GOIMI, Gulf Oil Corporation said.
Gulf Oil Corporation's net profit rose 19.9% to Rs 18.03 crore on 1% growth in net sales to Rs 231.76 crore in Q3 December 2013 over Q3 December 2012.
Hinduja Group firm Gulf Oil Corporation makes lubricant oil for application in automotive, agricultural, industrial, construction and marine segments. The company markets its product under the Gulf brand.
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