Tide Water Oil gains on MoU with JX Nippon Oil - The New Indian Express

Tide Water Oil gains on MoU with JX Nippon Oil

Published: 03rd March 2014 01:19 PM

Last Updated: 03rd March 2014 01:19 PM

Tide Water Oil (India), a member of the Andrew Yule Group, gained on Monday after it signed a memorandum of understanding (MoU) with Japan's JX Nippon Oil & Energy Corporation to set up a 50:50 joint venture in India.

The JV entity will be responsible for selling, marketing, distributing and manufacturing the 'ENEOS' brand of lubricants in India, Nepal, Bangladesh and Bhutan.Shares of the companyare trading at Rs 7,750, up Rs 158.3, or 2.09% at the Bombay Stock Exchange (BSE) on Monday at 12:49 p.m.The scrip has touched an intra-day high of Rs 7,814.40 and low of Rs 7,700. The total volume of shares traded at the BSE is 351.In the earlier session, the shares climbed 0.64%, or Rs 48.65, at Rs 7,591.70. Currently, the stock is trading down 4.26% from its 52-week high of Rs 8,095 and above 18.21% over the 52-week low of Rs 6,556.

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