Tide Water Oil Co (I) Ltd Share Price – NSE  /  BSE

Chemicals, Small Cap

Tide Water Oil Co has decided to change in name of the company to Veedol Corporation.

Powered by Capital Market - Live News

Veedol, one of India's leading lubricant brands from Tide Water Oil Co. (India), has signed up cricket legend Sourav Ganguly as its brand ambassador. This partnership signifies a pivotal move for Veedol as it seeks to enhance its brand presence and solidify its market position across India.

Powered by Capital Market - Live News

The benchmark indices traded with small gains in mid-afternoon trade. The Nifty traded above the 23,500 level after the hitting day’s low of 23,350 in morning trade. Auto shares advanced after declining in the past four trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 91.5 points or 0.12% to 77,295.71. The Nifty 50 index rose 27.20 points or 0.12% to 23,528.30.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.46% and the S&P BSE Small-Cap index added 0.43%.

The market breadth was positive. On the BSE, 2,116 shares rose and 1,835 shares fell. A total of 169 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 7.39% to 14.16.

Economy:

After hitting all-time high levels following continuous gains, India’s foreign exchange (forex) reserves fell $2.922 billion to $652.895 billion during the week ended June 14, according to the latest data from the Reserve Bank of India (RBI).

This decline follows a significant increase of $4.307 billion in the previous reporting week, which pushed the reserves to a record high of $655.817 billion after several consecutive weeks of gains.

The decrease in forex reserves was primarily driven by a reduction in foreign currency assets, which are a major component of the reserves. These assets fell by $2.097 billion, bringing the total to $574.24 billion.

Gold reserves also saw a decrease, dropping by $1.015 billion to $55.967 billion during the week. Meanwhile, the special drawing rights (SDRs) were down by $54 million, amounting to $18.107 billion. In contrast, India’s reserve position with the International Monetary Fund (IMF) increased by $245 million, reaching $4.581 billion.

Buzzing Index:

The Nifty Auto index rose 0.63% to 25,250. The index declined 1.80% in the past four trading sessions.

Ashok Leyland (up 1.87%), Mahindra & Mahindra (up 1.73%), Bajaj Auto (up 1.5%), Hero MotoCorp (up 1.19%) , Eicher Motors (up 0.61%), Samvardhana Motherson International (up 0.43%), Bosch (up 0.41%), MRF (up 0.37%), Balkrishna Industries (up 0.21%) and TVS Motor Company (up 0.2%) edged higher.

On the other hand, Apollo Tyres (down 0.86%), Bharat Forge (down 0.43%) and Maruti Suzuki India (down 0.31%) slipped.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.23% to 6.984 as compared with previous close 6.957.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4725, compared with its close of 83.5700 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement rose 0.33% to Rs 71,819.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.13% to 105.66.

The United States 10-year bond yield declined 0.26% to 4.247.

In the commodities market, Brent crude for August 2024 settlement added 7 cent or 0.08% to $85.31 a barrel.

Stocks in Spotlight:

Tide Water Oil (India) jumped 7.61% after the company’s committee of directors approved a proposal from joint promoter Standard Greases & Specialities to acquire an additional 351,000 shares (representing 2.01% equity) of the company.

RPP Infra Projects zoomed 14% after the company announced that it has received a letter of acceptance (LoA) for EPC projects worth Rs 152.11 crore.

Powered by Capital Market - Live News

As of 31 March 2024, Standard Greases & Specialities held a stake of 34.34% in Tide Water Oil.

Tide Water Oil (India) is mainly engaged in the business of manufacturing and marketing of lubricants. Its products include automotive lubricants, industrial lubricants and greases. It has a total installed capacity of 105,000 kilo liters per annum (KLPA) for lubricants across 5 locations in West Bengal, Haryana, Maharashtra and Tamil Nadu and 6,160 MTPA of grease at its Tamil Nadu and West Bengal plants.

The company had reported sales of Rs 1,931.19 crore and a net profit of Rs 142.93 crore in FY24 as against sales and PAT of Rs 1,853.80 crore and Rs 114.58 crore recorded in FY23.

Powered by Capital Market - Live News