Meanwhile, the BSE Sensex was up 31.69 points or 0.16% at 19,273.69.
On BSE, 90,000 shares were traded in the counter as against average daily volume of 1 lakh shares in the past one quarter.
The stock hit a high of Rs 87.85 and a low of Rs 82.80 so far during the day. The stock had hit a 52-week high of Rs 103.50 on 5 October 2012. The stock had hit a 52-week low of Rs 52.25 on 22 December 2011.
The stock had underperformed the market over the past one month till 21 December 2012, sliding 0.85% compared with the Sensex's 4.23% rise. The scrip had also underperformed the market in past one quarter, declining 10.78% as against Sensex's 2.61% gain.
The small-cap lubricant oil maker has equity capital of Rs 19.83 crore. Face value per share is Rs 2
Shares of Gulf Oil Corporation (GOCL) have risen 5.94% in two trading sessions from a recent low of Rs 79.90 on 20 December 2012, after the company after market hours on 20 December 2012, said that through a step down subsidiary structure in the United Kingdom and USA, it has completed acquisition of 100% stake in Houghton International Inc. for $1.045 billion after satisfactory conclusion of regulatory approvals. The stock had risen 2.5% to settle at Rs 81.90 on Friday, 21 December 2012.
Houghton has a global footprint, with sales in more than 75 countries supported by 12 manufacturing facilities in 10 countries. Houghton recorded sales of $858 million and adjusted EBITDA of $132 million (15.4%) for the 12 months ended 30 September 2012. The acquisition which makes GOCL the world's 9th largest lubricant company, fits extremely well with GOCL's existing lubricant portfolio and makes it a 'full range' lubricants company serving customers from automotive, metal working to energy, aerospace and marine, Gulf Oil said. Houghton has a very strong industrial portfolio, which perfectly complements Gulf Oil's very strong presence in the automotive lubricant sector, the company said.
GOCL will operate Houghton as a separate company and the rest of Gulf Oil's operations will be able to leverage Houghton's extensive base of industrial customers to offer them a complete end-to-end range of lubricants, Gulf Oil said. Similarly, Houghton will be able to leverage Gulf Oil's existing global network, Gulf Oil said. There are various other synergies that can be achieved in manufacturing, strategic sourcing and distribution, the company said in a statement. The acquisition through the step-down subsidiary ensures that the financials of GOCL will not be affected, the company said. The debt will be serviced through Houghton International Inc's cash flows.
GOCL's net profit fell 18.7% to Rs 10.59 crore on 6.8% growth in net sales to Rs 243.16 crore in Q2 September 2012 over Q2 September 2011.
Hinduja Group firm Gulf Oil Corporation makes lubricant oil for application in automotive, agricultural, industrial, construction and marine segments. The company markets its product under the Gulf brand.
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