Standard Greases acquires small stake in Archit Organosys
Established in 1989, Archit Organosys Ltd., produces a variety of organic chemicals, pigments, specialty derivatives, adhesives & sealants.
Archit Organosys jumped 7.68% to INR50.45 (USD0.69) after Standard Greases and Specialities acquired a small stake in the company on June 8. According to the bulk deal data on the Bombay Stock Exchange (BSE), Standard Greases And Specialities acquired 100,000 shares (which is equivalent to a 0.67% stake) in Archit Organosys at an average price of INR46.99 (USD0.64) per share.
The company reported a net profit of INR15.3 million (USD209,980) in the third fiscal quarter of 2021, compared to a net loss of INR5.5 million (USD75,482) during the same period last year. Net sales increased by 39.34% year-on-year to INR254.3 million (USD3.5 million) in the third fiscal quarter of 2021.
Standard Greases & Specialties, which was established in 1983 by Vinod Vyas, aspires to become a globally competitive manufacturer in lubricating greases and lubricating oils through its operations in the Middle East and Southeast Asia. In 2004, the company entered into a joint venture in 2004 with PT Gulf Oil Indonesia for manufacturing and marketing lubes and greases in the Indonesian market. It has also established a manufacturing facility in the United Arab Emirates (UAE), in the maritime city of Ras Al Khaimah (RAK), one of the seven emirates in the UAE, to cater to the Middle East and African markets.
Standard Greases & Specialties also owns a 29.35% stake in Tide Water Oil Co. (India) Ltd., which manufactures and markets the Veedol brand of lubricants. Tide Water Oil Co. also has a 50-50 joint venture company with JX Nippon Oil & Energy Corporation (JX-NOE), the largest petroleum company in Japan. The joint venture company, JX Nippon TWO Lubricants India Private Limited (JXTL), is responsible for selling, marketing, distributing, and manufacturing the ENEOS brand of lubricants. JXTL has an agreement with Tide Water Oil Co. for manufacturing ENEOS products. JXTL also uses the distribution network of Tide Water Oil Co. to distribute ENEOS products.