Indian Oil Corporation rose 1.38% to Rs 246.25 at 12:41 IST on BSE, with the stock gaining on bargain hunting after recent decline.
Meanwhile, the S&P BSE Sensex was down 1.09 points or 0.01% at 21,752.66
On BSE, so far 9,599 shares were traded in the counter as against average daily volume of 87,827 shares in the past one quarter.
The stock hit high of Rs 248 and low of high of Rs 243 so far during the day. The stock had hit a 52-week high of Rs 320.45 on 16 May 2013. The stock had hit a 52-week low of Rs 186.20 on 31 July 2013.
The stock had underperformed the market over the past one month till 21 March 2014, falling 0.1% as compared to the Sensex's return of 5.09%. The stock, however, outperformed the market in the past one quarter, gaining 19.24% as compared to the Sensex's 3.2% rise.
The large-cap public sector oil marketing company has equity capital of Rs 2427.95 crore. Face value per share is Rs 10.
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Shares of Indian Oil Corporation (IOC) had dropped 11.48% in five trading days to Rs 242.90 on 21 March 2014 from a recent high of Rs 274.40 on 13 March 2013.
IOC on 7 March 2014 said that the company through its wholly owned affiliate IndOil Montney, Canada have signed transaction agreements with Progress Energy Canada, PETRONAS Carigali Canada BV (PCC BV) wholly owned affiliates of Petroliam Nasional Berhad (PETRONAS) for the acquisition of a 10% interest in Progress Energy Canada's LNG-destined natural gas reserves in northeast British Columbia and in the proposed Pacific Northwest LNG (PNW LNG) export facility on Canada's West Coast. As part of the transaction, IOC shall also offtake 1.2 million tons of liquefied natural gas (LNG) per annum, which represents 10% of the LNG facility's production, for a minimum period of 20 years. JAPEX Montney with 10% and Petroleum BRUNEI with 3% are the other partners who acquired their interest in the project in 2013. PETRONAS will hold the remaining 77% of the integrated project, IOC said.
IOC said that the project holds 2P reserves at year end 2013 of 8.35 Tcfe and best case contingent resources of 24.7 Tcfe. The total reserves and resource potential is in excess of 50 Tcfe in which, IOC share will be over 5 Tcfe, the company said. Progress Energy Canada is currently producing approximately 400 million cubic feet equivalent of natural gas per day in North East British Colombia which is currently supplying the Canadian market, IOC said.
Pacific NorthWest LNG is working towards a world-scale LNG export facility on Canada's West Coast at Lelu Island near Prince Rupert, British Columbia. The proposed facility would liquefy and export natural gas produced by Progress Energy Canada and partners in northeastern British Columbia, IOC said.
IOC said that the acquisition of this interest in PNW LNG integrated project gives IOC the opportunity to be part of a world class large-scale resource play and greenfield LNG development in a stable Canadian regime, providing IOC access to significant upstream gas resources and securing LNG volumes for the domestic market.
Indian Oil Corporation (IOC) reported a net loss of Rs 961.45 crore in Q3 December 2013 as compared to net profit of Rs 3331.96 crore in Q3 December 2012. Net sales rose 0.8% to Rs 117415.18 crore in Q3 December 2013 over Q3 December 2012.
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