Indian Oil Corporation rose 4.22% to Rs 221 at 10:21 IST on BSE after Oil Minister Veerappa Moily was quoted by media as saying on Thursday that a panel of ministers has approved sale of a 10% stake in IOC through a block deal on the stock exchanges.
Meanwhile, the S&P BSE Sensex was down 44.49 points or 0.21% at 21,220.69.
On BSE, so far 1.19 lakh shares were traded in the counter as against average daily volume of 68,572 shares in the past one quarter.
The stock hit a high of Rs 221.90 and a low of Rs 213.95 so far during the day. The stock had hit a 52-week high of Rs 375 on 18 January 2013. The stock had hit a 52-week low of Rs 186.20 on 31 July 2013.
The stock had outperformed the market over the past one month till 16 January 2014, advancing 7.15% compared with the Sensex's 2.93% rise. The scrip had also outperformed the market in past one quarter, surging 5.68% as against Sensex's 3.49% gain.
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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State exploration firms ONGC and Oil India (OIL) will buy government's 10% stake in Indian Oil Corporation (IOC), Oil Secretary Vivek Rae was quoted as saying. The transaction is likely within the next week or so, Rae said.
IOC's net profit declined 82.5% to Rs 1683.92 crore on 3.8% growth in net sales to Rs 109859.49 crore in Q2 September 2013 over Q2 September 2012.
The Government of India (GoI) holds 78.92% stake in IOC (as per the shareholding pattern as on 31 December 2013).
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