GOCL ( Gulf Oil Corporation )
Gulf Oil Corporation (GOCL) is engaged in manufacturing industrial explosives, mining products, lubricants, specialty oils and chemicals, active pharma ingredients (bulk drugs), and pharma formulations.
About Gulf of India
The Chemical Hub of Hinduja Group was created with Gulf Oil India Limited merging with IDL Industries Limited from 1st January 2002. The merger has enabled the Company to leverage the large marketing networks of lubricants and industrial explosives businesses and achieve a turnover for the financial year 2008-09 of Rs.1000 crore (US$200 million). Exports accounted for 5% of the turnover.
IDL Industries Limited was renamed GULF OIL Corporation Limited with the merger of Gulf Oil India’s business. A property Development Division was started in the Company in 2006. With effect from 1st April 2008, the business of specialty chemicals Division has been transferred to a 100% subsidiary – IDL Speciality Chemicals Limited through a scheme of arrangement sanctioned by the High Court of Andhra Pradesh at Hyderabad.
The activities of the current 3 operating Divisions are:
Energetics Division
Manufacture, marketing, and technical services in industrial explosives, detonators, explosive bonded metal class, and special devices for Defence and Space applications. The largest exporter of explosives products from India. Widest marketing and sales network in India.
Mining & Infrastructure Contracts Division
Undertakes large-scale mining services in coal, iron ore, limestone, and bauxite mines. Contracts in the infrastructure sector such as underground metro railways, elevated highways, industrial structures/buildings.
Coal India order
GOCL Corporation said that its wholly-owned subsidiary IDL Explosives (IDLEL) has bagged orders from Coal India worth Rs 592.45 crore. The order is for the supply of bulk explosives over a period of 2 years. The announcement was made on 9 October 2021.
About Coal India
Coal India Limited is an Indian government-owned coal mining and refining corporation. It is under the ownership of the Ministry of Coal, Government of India headquartered in Kolkata, West Bengal, India. It is the largest coal-producing company in the world and a Maharatna public sector undertaking.
4 reasons for the depletion of coal stocks at the power plant
The reasons are:
- The unprecedented increase in demand for electricity due to the revival of economy
- Heavy rains in coal mine areas during September thereby adversely affecting the coal production as well as despatch of coal from mines
- Increase in prices of imported coal to unprecedented high level leading to a substantial reduction in power generation from imported coal-based power plants leading to more dependence on domestic coal
- Non-building of adequate coal stocks before the onset of monsoon
GOCL Corporation Ltd Locked on the Upper Circuit of 20%
Shares of GOCL Corporation (formerly Gulf Oil Corporation) were locked at the 20 percent upper circuit at Rs 328.50, also its 52-week high on the BSE on Monday after the company announced an order win worth Rs 592 crore from Coal India.
IDL Explosives Limited (IDLEL), a wholly-owned subsidiary of the company, bagged an order worth Rs 592.45 crore from Coal India, a Government of India undertaking for supply of bulk explosives, to be supplied over a period of 2 years i.e. from October 2021 to October 2023, GOCL Corporation said in an exchange filing.
The trading volume at the counter jumped nearly five-fold with a combined 895,000 equity shares changing hands till 12:50 pm. There were pending buy orders for around 92,000 shares on the NSE and BSE, data shows.