Gulf Oil advances as Morgan Stanley hikes stake

Gulf Oil Lubricants India rose 1.23% to Rs 820 at 12:48 IST on BSE after Morgan Stanley purchased bulk shares of the company on Friday, 9 June 2017.

Meanwhile, the S&P BSE Sensex was down 145.38 points or 0.47% at 31,116.68. The S&P BSE Mid-Cap index declined 51.88 points or 0.35% at 14,823.48.

On the BSE, 2,280 shares were traded on the counter so far as against the average daily volumes of 26,654 shares in the past one quarter. The stock had hit a high of Rs 832.95 so far during the day, which is a record high. The stock hit a low of Rs 811 so far during the day. The stock had hit a 52-week low of Rs 511 on 24 June 2016.

 

The stock had outperformed the market over the past one month till 9 June 2017, advancing 4.71% compared with the Sensex's 4.44% rise. The stock had also outperformed the market over the past one quarter, gaining 17.84% as against the Sensex's 8.06% rise. The scrip had also outperformed the market over the past one year, gaining 50.84% as against the Sensex's 16.81% rise.

The mid-cap company has equity capital of Rs 9.93 crore. Face value per share is Rs 2.

Morgan Stanley Investment Funds Indian Equity Fund bought 8.78 lakh shares of Gulf Oil Lubricants India from Local Government Superannuation Scheme at Rs 810 per share in a bulk deal on the BSE on Friday, 9 June 2017.

Morgan Stanley Investment Holding Company held 1.77% stake in Gulf Oil Lubricants India as per the shareholding pattern as on 31 March 2017.

Gulf Oil Lubricants India's net profit rose 6.9% to Rs 32.10 crore on 10.2% growth in net sales to Rs 298.94 crore in Q4 March 2017 over Q4 March 2016.

Gulf Oil Lubricants India makes automotive and industrial lubricants, greases and 2-wheeler batteries. The company markets lubricants under the Gulf brand.

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