Indian Oil Corporation (IOCL) rose 1.12% to Rs 78.55 after the company's board approved to form a wholly owned subsidiary in India to operate in the domain of low carbon, new, clean and green energy businesses.
The proposed subsidiary will focus and pursue IOCL's low carbon and green energy business to meet the operational requirements of the net zero target and beyond. The proposal is subject to approval of NITI Aayog, DIPAM etc.IOCL is an Indian government owned oil and gas explorer and producer. As of 31 December 2022, the Government of India held 51.50% stake in the company.
The company's consolidated net profit declined 87.4% to Rs 773.23 crore despite of 24.4% jump in net sales to Rs 2,05,715.31 crore in Q3 FY23 over Q3 FY22.
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