Buy Gulf Oil Lubricants, target price Rs 760: HDFC Securities

Promoters held 72.3 per cent stake in the company as of June 30, 2020, while FIIs held 12 per cent, DIIs 5.7 per cent and public and others 10 per cent.

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Promoters held 72.3 per cent stake in the company as of June 30, 2020, while FIIs held 12 per cent, DIIs 5.7 per cent and public and others 10 per cent.
HDFC Securities has given buy rating to Gulf Oil Lubricants with a target price of Rs 760. The share price moved down by 0.05 per cent from its previous close of Rs 658.35. The stock’s last traded price is Rs 658.

Gulf Oil Lubricants India Ltd., incorporated in the year 2008, is a Mid Cap company (having a market cap of Rs 3305.69 Crore) operating in Petrochemicals sector.

Financials
For the quarter ended 30-06-2020, the company reported a Standalone sales of Rs 241.17 Crore, down 32.95 % from last quarter Sales of Rs 359.68 Crore and down 45.27 % from last year same quarter Sales of Rs 440.68 Crore Company has reported net profit after tax of Rs 17.17 Crore in latest quarter.

gulf-graph

Investment Rationale
The brokerage said that its estimates are largely unchanged. It reiterates BUY with a target price of Rs 760 @ 20x Jun-22 EPS. Key risks: Delayed pick-up in the DEO segment and increased competition in the PCMO segment.

Promoter/FII Holdings
Promoters held 72.3 per cent stake in the company as of June 30, 2020, while FIIs held 12 per cent, DIIs 5.7 per cent and public and others 10 per cent.

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