Gulf Oil Lubricants hits lifetime high on stake hike by promoter

Gulf Oil Lubricants India has rallied 9% to Rs 589, also its lifetime high on the National Stock Exchange (NSE), after the promoter Gulf Oil International Mauritius Inc acquired nearly two percentage points stake in the company through open market transaction.

On April 13, Gulf Oil International Mauritius Inc has bought 851,172 equity shares representing 1.72% stake in Gulf Oil Lubricants India at an average price of Rs 531 per share, the NSE bulk deal data shows.

Bridge India Fund however offloaded its entire 606,172 equity shares or 1.22% stake in oil marketing & distribution company, the data shows.

At 11:22 am, the stock was up 7% at Rs 575 on the NSE as compared to 0.51% rise in Nifty 50 index. The trading volumes on the counter jumped an over 10-fold with a combined 615,633 shares changed hands on the BSE and NSE so far.


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