Castrol India Ltd Share Price – NSE  /  BSE

Chemicals, Small Cap

Castrol India will hold a meeting of the Board of Directors of the Company on 30 July 2024.

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The key equity benchmarks traded with moderate gains in early trade. The Nifty traded above the 22,350 mark. Barring Nifty FMCG index all the other sectoral indices on the NSE were traded in green.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 282.74 points or 0.35% to 76,719.16. The Nifty 50 index added 93.75 points or 0.40% to 23,358.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.74 % and the S&P BSE Small-Cap index added 0.78%.

The market breadth was strong. On the BSE, 2,339 shares rose and 664 shares fell. A total of 99 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 111.04 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,193.29 crore in the Indian equity market on 11 June 2024, provisional data showed.

Economy:

India will remain the fastest-growing of the world’s largest economies, although its pace of expansion is expected to moderate, the World Bank said in its latest biannual Global Economic Prospects. After a high growth rate in FY2023/24, steady growth of 6.7% per year, on average, is projected for the three fiscal years beginning in FY2024/25. Growth is estimated to have picked up to 8.2% in fiscal year (FY) 2023/24 (April 2023 to March 2024)—1.9% points higher than estimated in January.

Growth in industrial activity, including manufacturing and construction, was stronger than expected, alongside resilient services activity, which helped offset a slowdown in agricultural production partly caused by monsoons. Growth of domestic demand remained robust, with a surge in investment, including in infrastructure, offsetting a moderation of consumption growth as postpandemic pent-up demand eased.

Meanwhile, the moderation is mainly due to a slowdown in investment from a high base, the Bank stated. However, investment growth is still expected to be stronger than previously envisaged and remain robust over the forecast period, with strong public investment accompanied by private investment. Private consumption growth is expected to benefit from a recovery of agricultural production and declining inflation. Government consumption is projected to grow only slowly, in line with the government’s aim of reducing current expenditure relative to GDP.

Stocks in Spotlight:

Castrol India advanced 4.17% after the company said that it board has approved the appointment of Kedar Lele as managing director (MD) of the company with effect from 1 November 2024 for period of 5 years.

LTlMindtree added 1.56% after the company announced the inauguration of its regional headquarters in Saudi Arabia’s capital, Riyadh, as part of the expansion in KSA and the Middle East.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.04% to 7.011 as compared with previous close 7.014.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.5625, compared with its close of 83.5950 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement rose 0.03% to Rs 71,510.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 105.14.

The United States 10-year bond yield added 0.11% to 4.408.

In the commodities market, Brent crude for August 2024 settlement added 34 cents or 0.42% to $82.26 a barrel.

Global Markets:

Asian stocks traded lower on Wednesday as jitters from US inflation data and the upcoming Federal Reserve decision weighed on markets. The Fed's monetary policy remains a key concern for Asian investors, even with Southeast Asian currencies facing important support levels.

Despite US indices closing at record highs on Tuesday, fueled by Apple's surge, investor focus shifted to today's events. The release of May's Consumer Price Index (CPI) and the Federal Reserve interest rate decision are crucial factors shaping market sentiment. The two-day Fed meeting is expected to maintain current interest rates, which are at a two-decade high.

The S&P 500 gained 0.3% and the Nasdaq jumped 0.9% on Tuesday, with Apple reaching an all-time high. The Dow Jones, however, shed 0.3%.

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Kedar Lele will join Castrol with effect from 1 October 2024 as vice president, Castrol India and South Asia and shall work closely with Sandeep Sangwan for a smooth transition before assuming the office of managing director of the company from 1 November 2024.

Kedar holds an MBA from the Indian School of Business, Hyderabad, with a dual specialization in Strategic Marketing and Operations Management. He graduated from Mudra Institute of Communications, Ahmedabad with a specialisation in Brand Management & Account Planning.

Kedar brings over 25 years of work experience spanning advertising, internet, FMCG sales & marketing and general management roles, of which he has spent approximately 20 years at Unilever.

Kedar has a proven track record of strong leadership and performance across General Management, Customer Development and Marketing roles. Having led diverse business segments (Ice creams, Infant & Feminine Hygiene) and channels (Shakti, Rural, Modern Trade, and e-commerce), he brings a comprehensive understanding of the India & South Asia market and its inherent complexities.

Castrol India is one of India's leading lubricant companies with brands such as Castrol CRB, Castrol GTX, Castrol Activ, Castrol MAGNATEC and Castrol VECTON. The company also operates in select segments like high performance lubricants and metalworking fluids used in a wide variety of industries such as automotive manufacturing, mining, machinery, and wind energy.

The company’s net profit grew 25.15% to Rs 241.94 crore in Q4 CY23 as compared with Rs 194.42 crore posted in Q4 CY22. Revenue from operations increased by 7.49% year on year (YoY) to Rs 1,264.04 crore in the quarter ended 31 December 2023.

The scrip fell 0.84% to end at Rs 200.20 on Tuesday, 11 June 2024.

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The Board of Castrol India at its meeting held on 11 June 2024 has approved the appointment of Satyavati Berera as Additional Director of the company with effect from 01 October 2024. The Board has accepted the cessation of Nicola Buck as Nominee Director of the Company with effect from close of business hours on 11 June 2024 following her movement to another role within bp.

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