Gulf Oil Lubricants India – Viewpoint From Sharekhan

During the first week of September 2014 (at CMP of Rs313), we had initiated our viewpoint on Gulf Oil Lubricants India, with a positive stance envisaging healthy earnings growth and re-rating post demerger. Further, we reviewed and retained our positive stance in our follow up on update (report dated on November 28, 2014) on the stock given the apparent weakness in global crude oil prices. Since our initial viewpoint (dated September 3, 2014), the stock has appreciated sharply by 73% and moved up by 18% after our follow up on the update.

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