Gokul Refoils and Solvent outperforms broader market

Gokul Refoils and Solvent, an SME stock, outperformed the broader market to gain 5.5% on Tuesday. Driving the shares was the market buzz that a leading palm oil plantation company in Singapore is in talks to pick up around 15% stake in the Gujarat-based company. At least three companies are said to be keen on picking up the stake.

This, however, could not be confirmed as a senior official of Gokul Refoils declined to comment on the market talk. Gokul Refoils is engaged in seed procurement, processing, solvent extraction and marketing of edible oils in India.

The company, according to analysts, is one of the largest players in edible refining, deriving over 50% of its sales from palm oil refining. The stock closed at 103 while 5.2 lakh shares changed hands compared to one lakh shares on the previous day on the BSE.