Gulf Oil doing well

Gulf Oil Corp, which a month ago, on 22^nd March had hit a new 52-week low at Rs.56.25, it doing well today, up 3% at Rs.65.60, with an intra day high at Rs.66.95.

The stock is doing well today after the Competition Appellate Tribunal reduced its penalty from Rs.60 crore to Rs.2.85 crore. In 2011, the Competition Commission of India had imposed this penalty and none other explosive makers after Coal India alleged that these companies were monopolistic is determining prices.  This new reduced penalty, a final order from Competition Appellate Tribunal  was issued on 18^th April thus bringing a logical closure to this issue.