Castrol India stock price rises over 4% on appointment of Kedar Lele as MD

Castrol India share rises: Shares of Castrol India soared as much as 4.39 per cent to hit an intraday high of Rs 209 per share on Wednesday. 

However, shares are now trading off highs. At 12:37 PM, shares of Castrol India were trading 2.45 per cent higher at Rs 205.10 per share. In comparison BSE Sensex was trading 0.58 per cent higher at 76,896.39 levels 

The uptick in share price came after the company board appointed Kedar Lele as additional director and managing director for 5 years, with effect from November 1. This is subject to the approval of the shareholders of the company, Castrol India said in a statement. 

 

In an exchange filing, Castrol India said, “Sandeep Sangwan will relinquish his office as managing director of the company with effect from close of business hours on October 31, 2024 to pursue another role within bp. He was appointed as the managing director of the company, effective January 1, 2020, and his term of appointment was due to expire on December 31, 2024. 

Castrol India further said Kedar Lele will join Castrol with effect from October 1, 2024 as vice president, Castrol India and South Asia, and shall work closely with Sandeep Sangwan for a smooth transition before assuming the office of managing director of Castrol India Limited from 1 November 2024. 

With over 25 years of experience spanning advertising, internet, FMCG sales & marketing and general management roles, Kedar Lele has worked for companies like Hindustan Unilever, Monster.com, Bplinnovision / bplnet.com, Mudra Communication Ltd. 

Lele holds an MBA from the Indian School of Business, Hyderabad, with a dual specialisation in strategic marketing and operations management. He graduated from Mudra Institute of Communications, Ahmedabad with a specialisation in brand management & account planning. 

Additionally, the board of directors have appointed Satyavati Berera as an Additional (Independent) director of the company, effective October 1, 2024, for 5 years, subject to the approval of the shareholders of the company.  

Castrol India Limited is a leading manufacturer of automotive and industrial lubricants. Within the Indian lubricant market, it holds a strong position of being the second-largest producer, commanding a substantial 20 per cent share of the overall market. Castrol India operates as a subsidiary of Castrol Limited UK.