Hindustan Organic Chemicals surges 20% on land sale plan to BPCL

The board meet on Jan 20 will consider the proposal to sell part of the land at Rasayani to BPCL

Hindustan Organic Chemicals Limited (HOCL) is locked in upper circuit of 20% at Rs 25.80 on the BSE on back of heavy volumes after the company announced that the board will consider the proposal to sell part of the company’s land at Rasayani to Bharat Petroleum Corporation (BPCL).

“A meeting of the board of directors of the company will be held on January 20, 2017, to consider and approve the proposal to sell part of HOCL land at Rasayani to BPCL, proposal to sell land, plant & machinery of C.N.A plant at HOCL Rasayani to ISRO as per Government of India (GOI's) directions, etc,” the company said in a BSE filing.

The board will also consider the un-audited financial results of the company for the third quarter ended December 31, 2016, it added.

HOCL had reported a net loss of Rs 80 crore during the first half (April to September) of financial year 2016-17. It had loss of Rs 174 crore in entire previous financial year 2015-16.

At 10:13 am; a combined 2.14 million shares changed hands against an average sub 200,000 shares that were traded daily in past two weeks on the BSE and NSE. There were pending buy orders for 1.79 million shares on both the exchanges.