Tide Water Oil hits record high on promoter stake buy

The stock was up 5% at Rs 6,809, extending its previous day's 16% rally, after Standard Greases and Specialities Private, joint promoter, purchased a total 57,837 shares from open market.

Tide Water Oil (India) hit a record high of Rs 6,809, up 5% on the National Stock Exchange (NSE) in intra-day trade, extending its previous day’s 16% rally after Standard Greases and Specialities Private Limited, a joint promoter acquired stake in the company through open market.

On Monday, September 18, 2017, Standard Greases and Specialities Private Limited had purchased a total 57,837 shares of Tide Water Oil (India) through bulk deals.

On BSE, it purchased 34,673 shares at Rs 5,748.56 per share, while on NSE, it bought 23,164 shares at Rs 6,067.27 per share, the bulk deal data showed. CLICK HERE FOR BULK DEAL DATA

The names of sellers were not ascertained immediately.

Tide Water Oil (India) on Saturday announced that the board has approved the pre-dealing application form received from Standard Greases and Specialities, joint promoter in connection with further acquisition of 174,240 equity shares or 5% stake of the company.

At 11:28 AM; the stock was up 4% at Rs 6,755 on NSE, as compared to a marginal 0.06% decline in the Nifty 50 index. A combined 35,685 shares have changed hands on the counter on NSE and BSE so far.