Gulf Oil concludes is currently trading at Rs. 82.50, up by 2.60 points or 3.25% from its previous closing of Rs. 79.90 on the BSE.
The scrip opened at Rs. 80.50 and has touched a high and low of Rs. 83.40 and Rs. 80.50 respectively. So far 78,000 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 103.50 on 05-Oct-2012 and a 52 week low of Rs. 52.25 on 22-Dec-2011.
Last one week high and low of the scrip stood at Rs. 82.85 and Rs. 78.85 respectively. The current market cap of the company is Rs. 817 crore.
The promoters holding in the company stood at 49.96% while Institutions and Non-Institutions held 6.11% and 43.93% respectively.
Gulf Oil Corporation (GOCL), a Hinduja Group Company, through a step down subsidiary structure in the United Kingdom and USA, has completed acquisition of 100% stake in Houghton International Inc. for $1.045 billion, after satisfactory conclusion of regulatory approvals. The debt will be serviced through Houghton International Inc’s cash flows.
This acquisition will make Gulf the world’s 9-th largest lubricant company, fits extremely well with Gulf’s existing Lubricant portfolio and makes it a full range Lubricants company serving customers from Automotive, Metal working to Energy, Aerospace and Marine. On the other hand, Houghton has a very strong Industrial portfolio, which perfectly complements Gulf's very strong presence in the Automotive Lubricant sector.
Besides GOCL will operate Houghton as a separate company and the rest of Gulf’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. Similarly, Houghton will be able to leverage Gulf’s existing global network.
Houghton has a global footprint, with sales in more than 75 countries supported by 12 manufacturing facilities in 10 countries. Houghton, a profitable company, recorded sales of $858 million and adjusted EBITDA of $132m (15.4%) for the 12 months ending September 2012.
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