GOCL Corporation surged 8.7% to Rs 408.35 at 15:28 on BSE after the company announced entering into a definitive agreement for combining itself with the Quaker Chemical.
The announcement was made during trading hours today, 5 April 2017.Meanwhile, the S&P BSE Sensex was up 64.02 points, or 0.21%, to 29,974.24. The S&P BSE Small-Cap index was up 164.45 points, or 1.12% to 14,784.68.
On BSE, so far 14,000 shares were traded in the counter, compared with an average volume of 5,478 shares in the past one quarter. The stock hit a high of Rs 423.50 in intraday trade so far, which is a record high for the counter. The stock hit a low of Rs 380 so far during the day. The stock hit a 52-week low of Rs 135 on 1 April 2016.
The stock had outperformed the market over the past 30 days till 3 April 2017, rising 6.05% compared with Sensex's 3.74% rise. The scrip also outperformed the market in past one quarter, gaining 38.3% as against Sensex's 12.26% gain.
The small-cap company has an equity capital of Rs 9.91 crore. Face value per share is Rs 2.
GOCL Corporation said that the company was informed that Houghton International, a subsidiary of the Hinduja Group's Gulf Oil International has entered into a definitive agreement to combine with Quaker Chemical to create a global leader in the space of process fluids, chemical specialties, and technical expertise to the global primary metals and metal working industries. The Hinduja conglomerate will be the largest shareholder in the combined public company. GOCL Corporation, an Indian listed entity of the Hinduja Group which owns 10% equity in Houghton International, through its UK based subsidiary, HGHL Holdings, UK (HGHL) will be entitled to approximately 2% in the combined entity.
On a consolidated basis, GOCL Corporation's net profit declined 15.97% to Rs 5.05 crore on 6.32% rise in net sales to Rs 133.48 crore in Q3 December 2016 over Q3 December 2015.
GOCL Corporation, formerly Gulf Oil Corporation, is engaged in the business of energetics, mining and infrastructure services and realty.
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