Tide Water Oil Stock Soar On Promoter’s Pre-Approval To Buy More Shares

Tide Water Oil Co. (India) Ltd. announced a development that could indicate growing investor confidence. Standard Greases & Specialities Private Limited, a joint promoter of the company, has applied for and received pre-dealing approval to acquire an additional 3,51,000 equity shares. This move signifies the promoter’s continued commitment and potential bullish sentiment on the company’s future prospects.

The approval, granted by the company’s Committee of Directors on June 24, 2024, underscores the promoter’s intention to increase their stake in the company. While the specific reasons behind the share purchase are not disclosed, it suggests the promoter’s belief in the company’s long-term value proposition. This development could be perceived positively by existing and potential investors, potentially impacting the company’s share price.

It’s important to note that this is pre-dealing approval, and the actual acquisition of shares may occur at a later date. However, the news serves as a positive signal for Tide Water Oil and its future trajectory.

Share Price Movement

Tide Water Oil stock surged today, currently trading at Rs 1990.40, a gain of 2.60%. This jump comes amidst news that a joint promoter, Standard Greases & Specialities Private Limited, received pre-approval to acquire an additional 3,51,000 shares. The trading volume also witnessed a significant surge, exceeding double the two-week average volume. The stock currently sits near its 52-week high of Rs 2,003.60, indicating strong investor interest. It’s important to note that the stock still has room to grow within the upper price band of Rs 2,327.85.

About Company

Tide Water Oil Company, a pioneer in automotive and industrial lubricants in India, has five plants in Howrah, Oragadam, Turbhe, Silvassa, and Faridabad. The company produces engine oils for trucks, tractors, commercial vehicles, passenger cars, and two/three wheelers, as well as gear oils, transmission oils, coolants, and greases for automobiles. It also manufactures industrial oils, greases, and specialty products like metal working fluids, quenching oils, and heat transfer oils. Tide Water Oil has tie-ups with renowned OEMs in the automotive and industrial equipment segment. The company focuses on quality and innovation, distributing its Veedol range of products through its pan-India distribution network. It also has technical collaborations with Nippon Oil Corporation and offers value-added support services, including training for its distributors’ sales force. Tide Water Oil Company (India) Ltd has entered into a commercial agreement with IFT to market and sell IFT’s DiesoLIFTTM 10 in India.

Disclaimer: This blog 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.