IOC surges; government to sell part of stake

Reuters Market Eye - State refiner Indian Oil Corp shares surge 4 percent after a panel of ministers approved the sale of a 10 percent stake in the company to two state exploration firms on Thursday, with the aim of raising 48-50 billion rupees

Oil and Natural Gas Corp and Oil India will buy the stake, oil secretary Vivek Rae said, with the transaction likely within the next week or so.

Traders say they will closely track at what price the government sells its stake in IOC, saying it could provide a potential attractive entry point.

(Reporting by Abhishek Vishnoi)