Tide Water Oil hit a high of Rs 1492.20 on Monday before closing at Rs 1448.90, up by 6.80 per cent. More than 6077 shares were traded on the BSE.
The counter moved up on expectations that price bids will be invited shortly for the company’s disinvestment.
The counter surged on Monday after the Cabinet Committee on Disinvestment (CCD) cleared the sale of stake in the company on Friday.
A number of PSU and foreign oil companies are reported to be in the fray for acquiring controlling stake in the company.
Tidewater is a subsidiary of Andrew Yule & Company (which is a PSU). It is in the business of manufacture and marketing of branded automotive and industrial lubricants and grease. The company markets Veedol and Mitsubishi brands of lubricants in India.
Source : Business Standard (Online Edition)
(10/7/2003)
