Gulf Oil Lubricants share price jumps 6% on strategic partnership with South Korea firm

Gulf Oil Lubricants share price gained over 6 percent intraday on September 28 after the company announced a strategic lubricants partnership with S-Oil Corporation of South Korea.

Gulf Oil Lubricants India has announced a long-term strategic partnership with S-Oil Corporation, South Korea to exclusively manufacture and market their entire range of lubricants under the brand - ‘S-Oil Seven’ for the Indian market, the company said in an exchange filing.

The relationship which in the past has been built as key Term Partner on the base oil imports is now extended as the S-Oil lubricant products will soon be launched in India. It is the first time that an S-Oil lubricant product is being manufactured outside of South Korea, the company added.

Ravi Chawla, MD & CEO, GOLIL said, "Our relationship with S-Oil gets even stronger with this opportunity as we will work together to launch new products and grow our market shares in India across segments, bringing in a range of technologically advanced products for Indian consumers looking for value-creating solutions.

The S-Oil Seven range made with leading technology and approval from OEM’s in segments that are growing, as also the renowned quality of Korean products will be showcased and now made in India, he added.

The stock was trading at Rs 678, up Rs 41.50, or 6.52 percent at 11:23 hours. It has touched an intraday high of Rs 683.50 and an intraday low of Rs 648.60.

It was trading with volumes of 1,207 shares, compared to its five day average of 904 shares, an increase of 33.55 percent.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long term moving averages with book value per share improving for last 2 years.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.