Indian Oil Corporation rose 2.04% to Rs 330 at 09:41 IST on BSE after Oil Minister said that the company is establishing a refinery of 15 mmtpa capacity at Paradip, Odisha, at an estimated cost of Rs 34162 crore.
Meanwhile, the BSE Sensex was up 289.75 points, or 1.08%, to 26,999.88
On BSE, so far 15,951 shares were traded in the counter, compared with an average volume of 1.67 lakh shares in the past one quarter.
The stock hit a high of Rs 332.70 and a low of Rs 325 so far during the day. The stock hit a 52-week high of Rs 410.90 on 12 September 2014. The stock hit a 52-week low of Rs 194.50 on 9 January 2014.
The large-cap public sector oil marketing company has an equity capital of Rs 2427.95 crore. Face value per share is Rs 10.
The Minister of State (Independent Charge) for Petroleum & Natural Gas Dharmendra Pradhan informed the Rajya Sabha in a written reply yesterday, 17 December 2014, that Indian Oil Corporation (IOCL) is establishing a refinery of 15 million metric tonne per annum (mmtpa) capacity at Paradip, Odisha, at an estimated cost of Rs 34162 crore. IOCL has reported that a detailed feasibility study for setting up of a polypropylene (PP) plant which is a part of proposed petrochemical complex attached to the refinery, has been completed. The PP plant will produce 700 thousands metric tonne per annum. The investment decision for PP plant was taken by the IOCL board in March 2014. The estimated cost of the PP project is Rs 3150 crore. The PP plant is planned to be commissioned during 2017-18. IOCL has also plans to set up ethylene derivative project (Ethylene Glycol), Para Xylene & PTA and Petcoke gasification based derivative, Pradhan said.
IOCL reported net loss of Rs 898.46 crore in Q2 September 2014 compared with net profit of Rs 1683.92 crore in Q2 September 2013. Total income rose 1.2% to Rs 112511.17 crore in Q2 September 2014 over Q2 September 2013.
The government of India holds 68.57% stake in IOCL as at 30 September 2014.
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