Gulf Oil Lubricants India moves higher on acquiring 51% controlling stake in Tirex
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Gulf Oil Lubricants India is currently trading at Rs. 628.50, up by 18.20 points or 2.98% from its previous closing of Rs. 610.30 on the BSE.
The scrip opened at Rs. 607.55 and has touched a high and low of Rs. 629.25 and Rs. 607.55 respectively. So far 16918 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 644.00 on 23-Aug-2023 and a 52 week low of Rs. 390.00 on 03-Apr-2023.
Last one week high and low of the scrip stood at Rs. 629.35 and Rs. 527.45 respectively. The current market cap of the company is Rs. 3025.58 crore.
The promoters holding in the company stood at 71.94%, while Institutions and Non-Institutions held 10.48% and 17.58% respectively.
Gulf Oil Lubricants India (GOLIL) has completed the acquisition of 51% controlling stake in Tirex Transmission (Tirex), a manufacturer of DC fast chargers for EVs and consequently Tirex has become a Subsidiary of the Company with effect from October 30, 2023. This acquisition expands Gulf Oil play in EV value chain with synergies expected from existing business, recent acquisitions already done in EV space by Gulf and Group strengths. On August 27, 2023, the board of directors at its meeting approved the same.
Gulf Oil Lubricants, 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.
