Tide Water Oil Company Ltd | Latest market updates

Tide Water Oil Shares Surge After Approval Received for Promoter Stake Increase

Tide Water Oil Company climbed as much as 7.5% as one of its promoter entities had received approval to increase its stakes.

Promoter Entity Receives Approval

On Monday, Tide Water Oil Company Ltd. experienced a significant boost in its stock price, climbing as much as 7.5%. This surge followed an announcement that one of its promoter entities had received approval to increase its stake in the company.

Details of the Stake Increase

Standard Greases & Specialities Pvt. Ltd., a joint promoter of Tide Water Oil, has been granted permission to acquire an additional 3.51 lakh shares. This information was disclosed in an exchange filing by the company. The transaction must be completed by June 28, 2024. If not, a new application for pre-clearance will be necessary.

Current Stake Holdings

As of the March quarter, Standard Greases & Specialities held a 34.34% stake in Tide Water Oil, amounting to 59.84 lakh shares. This approval allows the entity to potentially increase its stake by over 2%. Combined, the promoters hold a 62.27% stake in the company as of March 31.

Other Key Promoters

Other key promoters include Andrew Yule & Co. Ltd., another listed entity with a 26.23% stake, and Janus Consolidated Finance, holding a 1.69% stake.

Tide Water Oil’s Market Presence

Tide Water Oil is a well-known manufacturer of automotive and industrial lubricants. The company’s public shareholding is primarily held by small retail investors, who own a 28.8% stake. Mutual funds have minimal exposure to the stock.

Stock Performance Highlights

On the NSE, Tide Water Oil shares hit a 52-week high of Rs 2,098.45. The stock has seen a 16.22% increase in June alone, with a notable 28% gain in April. March saw the shares remain relatively flat.

Record-Breaking Performance in 2024

Overall, Tide Water Oil’s stock has surged by 47% in 2024, marking its best calendar year performance since 2021, when it had a remarkable 68% gain.

Disclaimer: This post has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.