Tide Water Oil (India) zoomed 7.54% to Rs 2086.10 after the company's committee of directors approved a proposal from joint promoter Standard Greases & Specialities to acquire an additional 351,000 shares (representing 2.01% equity) of the company.
As of 31 March 2024, Standard Greases & Specialities held a stake of 34.34% in Tide Water Oil.
Tide Water Oil (India) is mainly engaged in the business of manufacturing and marketing of lubricants. Its products include automotive lubricants, industrial lubricants and greases. It has a total installed capacity of 105,000 kilo liters per annum (KLPA) for lubricants across 5 locations in West Bengal, Haryana, Maharashtra and Tamil Nadu and 6,160 MTPA of grease at its Tamil Nadu and West Bengal plants.
The company had reported sales of Rs 1,931.19 crore and a net profit of Rs 142.93 crore in FY24 as against sales and PAT of Rs 1,853.80 crore and Rs 114.58 crore recorded in FY23.
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