Castrol's decent showing for Q4 and FY 2002 could not redeem the scrip from the overall gloom of pending war, as it slipped from its day's high of Rs 204.75 on Monday.

By 14:50 IST, the scrip of the lubricants major dropped 3.36% to Rs 193. It registered volumes of 29,978 shares on BSE by then.

Prospects of a war breaking out in West Asia have crippled the scrip of the lubricants major. There's fear that crude oil prices will spiral in case of war. Crude oil is the key raw material in the manufacture of lubricants.

The market today is on the downward as players are offloading positions ahead of the submission of the report on Iraq by the UN weapons inspectors to the UN Security Council in New York. Besides, the US will make clear its position on Iraq tomorrow.

Meanwhile, Castrol unveiled its fourth quarter and full year ended 31 December 2002 results today. For Q4, Castrol India recorded a 33.3% rise in net profit to Rs 40.01 crore (Rs 30.02 crore) on a 3.64% drop in total income to Rs 311.42 crore (Rs 3.11 billion).

For FY 2002, the lubricants major registered a 41% rise in net profit to Rs 152.89 crore (Rs 1.52 billion) on a marginal fall in total income to Rs 1,168.63 crore (Rs 11.68 billion).

BP Amoco had acquired control over Castrol India through the global acquisition of the former parent, Castrol UK. After a protracted legal battle, BP Amoco was compelled to make an open offer for 20% of Castrol India's shares at a price of over Rs 425 per share, according to the Sebi formula.

As on 30 September 2002, the promoters held 71.03% stake in the company. Earlier, the parent (BP Amoco) had hiked its holding in Castrol India to 71% from 51% following the global takeover of Castrol UK by BP Amoco. The public and institutions, at present, hold 19.84% and 6.89% stake in Castrol India, respectively.

BSE Code: 500870