IOC scrip shoots up after company reveals expansion plan
Following an announcement that Indian Oil Corporation (IOC) will invest about Rs 52,000 crore in expanding the Paradip refinery and setting up a petrochemical complex, the scrip’s price increased by over 1% intraday during Monday’s trading session. Meanwhile, the Odisha government has agreed to provide Rs 700 crore per annum of an interest-free loan for 15 years to make up for the withdrawn incentive of 11-year deferment on payment of Sales Tax on Paradip refinery’s products sold in the state.
The stock was trading higher by 0.86% at Rs 430 per share on the BSE at 1110 hours. It opened at Rs 433 per share and touched its intraday high and low at Rs 438 and Rs 428.70 per share. The stock attracted total traded volume of 12,63,114 shares and traded value of Rs 5,469.03 lakhs on the NSE at 1114 hours. Its 52-week high stood at Rs 450.90 (May 16, 2017) and low at Rs 269.60 (August 23, 2016).