Gulf Oil Lubricants India (GOLIL) jumped 4.36% to Rs 664.25 after the company announced a strategic lubricants partnership with S-Oil Corporation of South Korea.
S-Oil Corporation is one of the leading oil refining and lubricant manufacturing companies in Asia. Under the partnership, GOLIL will exclusively manufacture and market S-Oil's entire range of lubricants under the brand 'S-Oil Seven' for the Indian market.
With wide range of automotive products, S-Oil Seven has been a trusted brand for leading automakers such as Hyundai Kia, Ssangyong and other various OEMs and is exported to more than 60 countries in the world from South Korea.
Both companies will work together to build value with this association leveraging S-Oil's strong presence in Korean Car OEMs and top tier PCMO products, complemented with Gulf Oil India's manufacturing, marketing & distribution expertise.
Commercial production of S-Oil Seven recently began at Gulf Oil Lubricants' state of art production facility at Chennai, India. The market launch of S-Oil Seven in India will happen in the third quarter of the financial year 2020-21 (Q3' FY 2020-21), GOLIL said in a regulatory filing made during market hours today.
GOLIL, part of Hinduja Group, is an established player in Indian lubricant market. It markets a wide range of automotive and industrial lubricants, greases, 2-wheeler batteries, etc.
The lubricant maker's net profit slumped 64.8% to Rs 17.17 crore on a 45.3% fall in net sales to Rs 241.17 crore in Q1 June 2020 over Q1 June 2019.
On a year-to-date basis, the stock has tumbled 18.61% while the benchmark S&P BSE Sensex lost 8.01% during the same period.
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