 "Gulf Oil posts Rs 8 crore profit")
This is the first quarter of operations of the company after the demerger of lubricants division to a separate entity with effect from April 1, 2014.
During the quarter, Gulf Oil reported a turnover of Rs 24.41 crore. A major portion of the revenues came from its energetics division, at Rs 23 crore. The division's significant growth was led by higher export sales and on production of value-added products, the company said.
Gulf Oil in a statement said it was actively considering various proposals for maximising the value of its UK subsidiary’s 10 per cent stake in Houghton International Inc, USA.
Gulf Oil’s shares closed lower by Rs 9.10 or down 6.07 per cent at Rs 140.75, as against the previous day's closing price of Rs 149.85 on the BSE.