The shares of one of the top suppliers of fuel and lubricants gained 4.5 percent on Tuesday after the company acquired 51 percent stake in a manufacturer of DC fast chargers for EVs.
Gulf Oil Lubricants India Ltd is a small-cap company with a market capitalization of Rs 2,994.91 crores. At 11:06 a.m,the company shares were trading at 622.30 a share, up 2.04 percent from the previous close price.
As per the exchange filing, Gulf Oil Lubricants India announced that the company has acquired Tirex Transmission Private Limited by taking 51 percent stake in the company and becoming a Subsidiary of the Company with effect from October 30, 2023.
Gulf Oil Lubrication firm said that the acquisition of Tirex Transmission Private Limited is part of its global mission to become a leader in the EV charging ecosystem.
The company’s revenue increased by 12.51 percent from Rs. 719 crores in Q2FY22-23 to Rs 809 Q2FY23-24. Further, During same period,Net Profit has increased by 40.38 percent from 52 crores to 73 crores.
In FY23 Company reported strong return ratios with a return on equity (ROE) of 21.07 percent and a return on capital employed (ROCE) of 24.08 percent.
The company’s stock has gained 53.50 percent return in six months and 51.87 percent in just a year that demonstrates company’s exceptional performance.
According to the most recent shareholding data available for the September 2023 quarter. The Company’s Promoters own 71.94 percent stake, domestic institutional investors own 6.06 percent, and foreign institutional investors holds 4.42 percent stake.
Gulf Oil Lubricant India is one of the top suppliers of lubricants and fuel retail outlets for automobiles, motorbikes, boats, agricultural, and industrial sectors is Gulf Oil.
Written by :- Abhishek Singh
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