Buyback rumours fuel Castrol spurt

DALAL STREET SPIKES

Stock of the lube oil major Castrol spurted in Monday's trading on renewed buying interest. Sources suggested that the stock has been in the limelight of late on buyback rumours.

The stock was up 6.5 per cent to Rs 223.05 with volumes accounting for an impressive 4.45 lakh shares on the BSE. The stock has already been delisted from the National Stock Exchange.

The stock, from a low of Rs 180.25 on December 1, has now appreciated more than 23 per cent to Monday's close of Rs 223.05.

At present, BP Amoco holds more than 70 per cent stake in Castrol India and rumours of a buy-out of the remaining shares from the market is pushing the stock up of late, said an analyst.