Gulf Oil shares jump 5% after company partners with Nyara Energy; Details

Gulf Oil's entire automotive product range of lubricants for two-wheelers, passenger cars, commercial vehicles, and agriculture-related vehicles, will be made available across Nayara Energy's network

Gulf Oil Lubricants India shares gained 5.1 per cent in Tuesday's trade, logging an intraday high at Rs 1,230.05 per share on BSE. The stock gained after the company partnered with  Nyara Energy to bring Premium Automotive Lubricants and Adblue to more than 6,500 fuel stations nationwide.

 

Around 12:57 PM, Gulf Oil share price was up 3.49 per cent at Rs 1,211 per share on BSE. In comparison, the BSE Sensex was up 0.16 per cent at 78,663.03. The market capitalisation of the company stood at Rs 5,938.93 crore. The 52-week high of the stock stood at Rs 1,510 per share and the 52-week low stood at Rs 703.15 per share.

 

 

"Gulf Oil Lubricants India Ltd., a leading and fastest growing player in the lubricant and automotive product space, today announced a strategic partnership with Nayara Energy, India's largest private fuel retailer and an integrated downstream company with a strong presence across the hydrocarbon value chain from refining to retail," the filing read. 

 

Through the partnership, Gulf Oil's entire automotive product range, including lubricants for two-wheelers, passenger cars, commercial vehicles, and agriculture-related vehicles, will be made available across Nayara Energy's extensive network of more than 6,500 fuel retail outlets nationwide.

 

This is a three-year contract which will strengthen Gulf Oil's brand presence. Under the contract, Gulf Oil's AdBlue will be the exclusive retailed across Nayara's network along with offering a specialized range of two-wheeler batteries, expanding both companies' portfolios in a growing sector.

 

“This collaboration underscores the growing demand for quality automotive products and lubricants owing to the burgeoning infrastructure growth and both Gulf's and Nayara Energy's commitment to making our products accessible, ensuring that our customers receive quality lubrication solutions wherever they are in India," said Ravi Chawla, managing director & CEO, Gulf Oil Lubricants India.

 

Gulf Oil Lubricants India is a part of the Hinduja Group and Gulf Oil International, is a leading player in India's lubricant market offering a comprehensive product portfolio in automotive and industrial lubricants. In India, Gulf has robust manufacturing and R&D facilities in Silvassa and Ennore, Chennai.

 

In the past one year, Gulf Oil India shares have gained 68.5 per cent against Sensex's rise of 10 per cent.