Shares of this small-cap lubricant stock gained up to 7.50 percent in Thursday’s trading session after the company announced its financial results for the period ended September 2023.
With a market capitalization of Rs 2,779.23 crores, the stocks of Gulf Oil Lubricants India Limited started their trading session on Thursday at Rs 551.75 and currently trades at Rs 566.35.
The company’s scrip witnessed an intra-day high of Rs 580 indicating a gain of approximately 7.50 percent as compared to the previous close of Rs 539.95 apiece.
Such bullish sentiments, despite bearish Indian markets today, are observed after the company, through a regulatory filing with the BSE dated 25th October 2023, announced its financial results for Q2FY23-24, viz, for the quarter ended September 2023.
On a sequential basis, the company reported an opposing movement as far as the operating revenues and net profits are concerned.
The operating revenues, on one hand, reduced from Rs 812 crores during Q1FY23-24 to Rs 802 crores during Q2FY23-24, and, the net profits, on the other hand, moved up from Rs 68 crores to Rs 74 crores.
In congruence with the pattern, the company, on a yearly basis as well, showed positive movements in the metrics mentioned above.
The operating revenues increased from Rs 720 crores during Q2FY22-23 to Rs 802 crores during Q2FY23-24, and, the net profit numbers, during the same period, shifted from Rs 52 crores to Rs 74 crores representing an increase of approximately 42 percent.
According to the shareholding pattern data available for the quarter ended September 2023, the company’s Promoters hold a 71.94 percent stake, and the Foreign Institutional Investors (FIIs) hold a 4.42 percent stake in the company.
Gulf Oil Lubricants India Limited, a subsidiary of Hinduja Group, is engaged in the business of manufacturing as well as trading lubricants and greases used in the automotive & other industries.
The company provides products for all types of commercial vehicles to institutional as well as individual customers across various divisions such as automotive, construction, marine, etc.
Written by Amit Madnani
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