IOC has raced ahead on plans to raise the capacity of its Panipat refinery by 25% to 15 million tonnes (mt) from October. The country’s biggest oil marketing company is trading at Rs 306, higher by 4%, on the BSE. The shares had opened at Rs 301 and have touched a high of Rs 308 and a low of Rs 290 thus far.
The expansion plans will cost Rs 1,000 crore. And post the expansion, IOC's refining capacity will increase from 51.2 mt to around 54 mt.
The counter has seen trading volumes of 3.33 lakh shares as against the two-week average of 1.13 lakh shares.