Tide Water Oil rose 5% to Rs 4040.40 at 10:41 IST on BSE on reports Reliance Industries, French oil giant Total, US oil giant Chevron, Hinduja group and Keventer group have evinced interest in bidding for Andrew Yule's stake in the firm.
Shares of Andrew Yule & Company, which holds 26.22% stake in Tide Water Oil, surged 15.67% to Rs 50.20 on 71,895 shares on BSE
The stock hit a high and low of Rs 4040.40 so far during the day. The stock had hit a 52 week high of Rs 5276 on
The company has a tiny equity base of Rs 0.87 crore. Face value per share is Rs 10.
At the current market price of Rs 4040.40, the PE multiple works out to 9.77, based on the Q3 December 2007 annualised EPS of Rs 413.33.
Andrew Yule is planning to divest its stake in Tide Water Oil as a part of a restructuring process. Tide Water Oil was originally floated as a joint venture with Caltex (now Chevron) 60 years back. Chevron holds 22.12% stake in Tide Water Oil through a subsidiary called Four Star Oil & Gas Company.
As per reports, the Union ministry of heavy industries has already given green signal to the divestment of Andrew Yule's stake in Tide Water Oil in May 2008. The ministry has also asked Andrew Yule to appoint a consultant for the same.
Tide Water Oil markets lubricants under Veedol brand and is a key player in the diesel lube market in the country.
The company reported 342.90% spurt in net profit to Rs 8.99 crore on 23.90% rise in total income to Rs 123.88 crore in Q3 December 2007 over Q3 December 2006.
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