)
Hindustan Oil Exploration Company (HOECL) has zoomed 19% to Rs 48.10 on National Stock Exchange (NSE) on back of heavy volumes. The stock opened at Rs 40.40 and touched high of Rs 48.40 so far.
Till 1449 hours, a combined 19.51 million shares nearly 15% of total equity of HOECL have changed hands as against an average 5 million shares that were traded daily in past two weeks on NSE and BSE.
In past five trading sessions the stock rallied 39% from Rs 34.55 on February 16, on reports that Sun Pharma's promoter may pick up major stake in HOECL, the company engaged in oil exploration and production business.
However, HOECL on February 19 clarified the news report and replied stating "We have diligently disclosed all material information promptly from time to time to the Stock Exchanges as per the information available with the Company.”
Further, we wish to clarify that the stock prices and volumes of the Company is governed through market forces and investor's sentiments. As a policy, our Company does not comment on speculative news/rumors in the market and press, it added.
Till 1449 hours, a combined 19.51 million shares nearly 15% of total equity of HOECL have changed hands as against an average 5 million shares that were traded daily in past two weeks on NSE and BSE.
In past five trading sessions the stock rallied 39% from Rs 34.55 on February 16, on reports that Sun Pharma's promoter may pick up major stake in HOECL, the company engaged in oil exploration and production business.
However, HOECL on February 19 clarified the news report and replied stating "We have diligently disclosed all material information promptly from time to time to the Stock Exchanges as per the information available with the Company.”
Further, we wish to clarify that the stock prices and volumes of the Company is governed through market forces and investor's sentiments. As a policy, our Company does not comment on speculative news/rumors in the market and press, it added.
