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Castrol India slips after promoter pares stake

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Castrol India fell 4.35% to Rs 368.50 at 14:37 IST on BSE after the company said that its UK-based promoter sold 5.68 crore shares, or 11.5% equity, of the Indian firm via stock exchanges today, 19 May 2016.

The announcement was made during trading hours today, 19 May 2016.

Meanwhile, the BSE Sensex was down 226.65 points, or 0.88%, to 25,477.96.

The counter clocked volume of 6.64 crore shares on BSE, a 388.88-times surge over two-week average daily volume of 1.71 lakh shares. The stock hit a high of Rs 381 and a low of Rs 364.40 so far during the day. The stock hit a 52-week high of Rs 513.15 on 30 July 2015. The stock hit a 52-week low of Rs 360.10 on 1 March 2016. The stock had outperformed the market over the past one month till 18 May 2016, rising 1.66% compared with 0.43% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 2.59% as against Sensex's 8.69% rise.

 

The large-cap company has an equity capital of Rs 247.28 crore. Face value per share is Rs 5.

UK-based Castrol held 70.92% stake in Castrol India as per the shareholding pattern as on 31 March 2016.

After the sale of shares, UK-based Castrol's stake in Castrol India has reduced to 59.42%.

Castrol India's net profit rose 17.5% to Rs 172.40 crore on 7.1% growth in net sales to Rs 852.10 crore in Q1 March 2016 over Q1 March 2015.

Castrol India manufactures and markets a range of automotive and industrial lubricants.

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First Published: May 19 2016 | 2:39 PM IST

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