Indian Oil Corporation rose 1.51% to Rs 349.25 at 11:10 IST on BSE after the company has planned to set up liquefied natural gas import, storage and regasification terminal in Tamil Nadu.
Meanwhile, the BSE Sensex was down 63.97 points, or 0.23%, to 28,055.43.
On BSE, so far 19,773 shares were traded in the counter, compared with an average volume of 1.73 lakh shares in the past one quarter.
The stock hit a high of Rs 350.45 and a low of Rs 345 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 stock had underperformed the market over the past one month till 8 December 2014, falling 8.28% compared with 0.9% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 14.07% as against Sensex's 2.93% rise.
The large-cap public sector oil marketing company has an equity capital of Rs 2427.95 crore. Face value per share is Rs 10.
Minister of State (Independent Charge) for Petroleum & Natural Gas Dharmendra Pradhan informed the Lok Sabha in a written reply yesterday, 8 December 2014, that Indian Oil Corporation (IOCL) has planned to set up Liquefied Natural Gas (LNG) import, storage and regasification terminal with a capacity of 5 million metric tonne per annum (MMTPA) at Kamrajar Port (formerly Ennore Port) in Tamil Nadu. The terminal is planned to be commissioned by end of 2017-18. IOCL presently does not have any proposal to set up a gas pipeline from Paradip to Vishakhapatnam, Pradhan said.
Meanwhile, lower crude oil prices could reduce under-recoveries of PSU OMCs such as IOCL on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
Brent crude slipped to its lowest level in five years today, 9 December 2014, dropping below $66 a barrel after plunging more than 4% the day before on worries over a deepening supply glut. Brent for January settlement was off 66 cents a barrel at $65.53 a barrel. The contract had lost $2.88 a barrel to settle at $66.19 a barrel during the previous trading session yesterday, 8 December 2014.
IOCL reported net loss of Rs 1288.62 crore in Q2 Septemeber 2014 compared with net profit of Rs 1322.97 crore in Q2 September 2013. Total income rose 1.2% to Rs 112511.17 crore in Q2 Septemeber 2014 over Q2 September 2013.
The government of India holds 68.57% stake in IOCL as at 30 September 2014.
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