Castrol India jumped 4.22% to Rs 324.90 at 14:05 IST on BSE after the company said that the board of directors has proposed a scheme of reduction of share capital of the company.
The company made the announcement at the time of announcing Q1 March 2013 results during trading hours today, 26 April 2013.
Meanwhile, the S&P BSE Sensex was down 50.16 points or 0.26% at 19,356.69.
On BSE, 1.24 lakh shares were traded in the counter as against average daily volume of 21,000 shares in the past two weeks.
The stock hit a high of Rs 329.40 and a low of Rs 311.75 so far during the day.
Castrol India's board of directors at a meeting held today, 26 April 2013, has proposed a scheme of reduction of the company's share capital u/s 100 of the Companies Act, 1956 i.e. to reduce the face value of the company's equity shares from Rs 10 per share to Rs 5 per share and return the same to the shareholders.
Castrol India's net profit rose 1.13% to Rs 124.30 crore on 1.14% decline in total income to Rs 805.90 crore in Q1 March 2013 over Q1 March 2012.
Castrol India manufactures and markets a range of automotive and industrial lubricants. It markets its automotive lubricants under two brands -- Castrol and BP. The company has leadership positions in most of the segments in which it operates including passenger car engine oils, premium 2-stroke and 4-stroke oils and multigrade diesel engine oils.
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