Sensex Today Live: Gulf Oil Lubricants share price up nearly 7% after ICICI Securities initiates coverage with a ‘Buy’ call; sees 25% upside
On Monday, Gulf Oil Lubricants India witnessed a significant rise of over 7% in its share price following the initiation of coverage by ICICI Securities with a ‘Buy’ rating. The shares of Gulf Oil experienced a spike of up to 7.7%, reaching ₹1,076.90 each on the BSE.
ICICI Securities has set a target price of ₹1,250 per share for Gulf Oil Lubricants India, suggesting a potential increase of 25% from the closing price on Saturday.
Gulf Oil Lubricants India is the second-largest player in the petroleum lubricant sector, boasting an estimated market share of 7-8% in its key segments of automotive and industrial lubricants. This positive coverage by ICICI Securities has sparked investor interest in the company, leading to a surge in its share price.
Investors are optimistic about the growth prospects of Gulf Oil Lubricants India, given the favorable rating and target price set by ICICI Securities. The stock is expected to continue its upward trajectory in the coming days as more investors take notice of this ‘Buy’ call.
