GULFOILLUB.NSE Gulf Oil Lubricants India Ltd

Tirex Transmission is a key player in manufacturing DC Fast Chargers for EVs in India. With a track record of deploying over 400 high-capacity EV fast chargers across the country. It has carved a niche for itself as a leading technology player and a reliable brand in the fast-charging domain, with its comprehensive range of DC chargers, spanning from 30KW to 240KW. Tirex caters to a diverse clientele, including PSUs, Charge Point Operators (CPOs), Automotive OEMs, and Retail with range of chargers available for all vehicles types, including e-Buses. Its turnover for financial year 2022-2023 was Rs 13.26 crore.Participating in a fast-evolving category of DC chargers will open vast expansion space for company in Indian and overseas market. This expands Gulf Oil play in EV value chain with synergies expected from existing business, recent acquisitions already done in EV space by Gulf and Group strengths.The capital infusion into Tirex is earmarked primarily for invigorating R&D initiatives and scaling up production capacities and extending the service network. This strategic alignment fortifies Gulf Oils ambition to emerge as a one-stop solution provider, addressing the entire spectrum of EV charging needs.The company will complete the acquisition within 2-3 months. Pursuant to the purchase of the aforesaid shares on closing, Tirex will become a subsidiary of GOLIL.Ravi Chawla, MD & CEO of Gulf Oil Lubricants India, said, “This acquisition of majority stake in Tirex aligns with our commitment to expanding our footprint in the EV landscape and make a significant play in EV value chain where Gulf in India and globally, in recent years, have already invested in a slow AC charger company Indra Technologies, UK and ElectreeFi, an EV SaaS provider. Tirexs strong performance in the DC charger market, combined with Gulf Oils robust brand strengths, distribution reach and relationships with OEMs & InfraB2B customers, sets the stage for a synergistic partnership. Our combined strengths will undoubtedly pave the way for groundbreaking advancements in EV charging, both domestically and internationally in line with our Global Mobility strategy.”Arth Patel, CEO of Tirex, said, “Aligning with a global powerhouse like the Hinduja Group heralds a transformative chapter for Tirex. As we continue our journey in the rapidly evolving EV charger space, this collaboration will undoubtedly amplify our growth trajectory and technological advancements, fortified by Gulf Oils financial strengths, extensive reach and business expertise.Gulf Oil Lubricants India, part of Hinduja Group and Gulf Oil International, is one of the leading players in the lubricant market in India and has a top 2 3 position in key segments amongst the private sector brands. The company has a wide range of world class-leading products in the automotive and industrial lubricants space catering to B2B and B2C segments with a growing distribution network. The company also has a growing share in the 2-wheeler batteries segment.The companys consolidated net profit jumped 23.2% to Rs 68.2 crore on 14.9% increase in net sales to Rs 118.71 crore in Q1 FY24 over Q1 FY23.

The Board of Gulf Oil Lubricants India at its meeting held on 27 August 2023 has approved the acquisition of 51% controlling stake in Tirex Transmission (Tirex), a manufacturer of DC fast chargers for EVs.

National Standard (India) Ltd, Keynote Financial Services Ltd, Gujarat Lease Financing Ltd and Sadhana Nitro Chem Ltd are among the other losers in the BSEs B group today, 25 August 2023.Gulf Oil Lubricants India Ltd tumbled 8.96% to Rs 570.35 at 14:30 IST.The stock was the biggest loser in the BSEs B group.On the BSE, 40153 shares were traded on the counter so far as against the average daily volumes of 15549 shares in the past one month.National Standard (India) Ltd crashed 8.43% to Rs 5198. The stock was the second biggest loser in B group.On the BSE, 657 shares were traded on the counter so far as against the average daily volumes of 222 shares in the past one month.Keynote Financial Services Ltd lost 8.13% to Rs 125.04. The stock was the third biggest loser in B group.On the BSE, 9462 shares were traded on the counter so far as against the average daily volumes of 8133 shares in the past one month.Gujarat Lease Financing Ltd plummeted 7.38% to Rs 3.01. The stock was the fourth biggest loser in B group.On the BSE, 1520 shares were traded on the counter so far as against the average daily volumes of 3127 shares in the past one month.Sadhana Nitro Chem Ltd pared 6.39% to Rs 70.5. The stock was the fifth biggest loser in B group.On the BSE, 1.92 lakh shares were traded on the counter so far as against the average daily volumes of 32329 shares in the past one month.

Emkay Global Financial is bullish on Gulf Oil Lubricants has recommended buy rating on the stock with a target price of Rs 730 in its research report dated August 06, 2023.

According to the company's management, the revenue growth has been even higher due to a better product mix being sold with enhanced focus on personal mobility and the premium synthetic segment