Tide Water Oil closes 16.70% higher post share trading deal with promoter

The Tide Water Oil stock closed higher on Monday on reports that it has approved the pre-dealing application form as submitted by Greases and Specialities Private Ltd, joint promoters for trading in 1,74,240 securities of the company.

The stock closed 16.70 percent or 936.85 points higher at 6545.75 level on the BSE. The stock hit a new yearly high of 6,730 level during the last 30 minutes of trade on the BSE.

"The transaction must be completed on or before 22 September, 2017 that is within five trading days from today failing which a fresh application for pre -clearance of the said transaction will have to be undersigned," the firm said in a release to BSE.

Standard Greases and Specialities Private Limited held 964,996 shares or 27.69% stake in Tide Water Oil on June 30, 2017, the shareholding pattern data show.

On an year-to-date basis, the stock is up 17 percent while it rose nearly 13 percent on an yearly basis.

Tide Water Oil is engaged in manufacturing and selling Veedol (lubricating oil). The company's products are marketed under the Veedol brand name. Its products include automotive lubricants, industrial lubricants and genuine oils.

The firm's automotive lubricants include diesel engine oils, two-wheeler oils, passenger car motor oils, gear and transmission oils, and greases. Its industrial lubricants include industrial oils; industrial greases, and industrial specialty products, such as metal working fluids, heat transfer fluids, quenching oils and Veedol Mistlube.