Mumbai, December 07: Indian Oil Corporation rose 1.56% to Rs 315.05 at 15:03 IST on reports the company aims to increase its Haldia refinery capacity by 25% to 150,000 barrels a day by mid-January 2010.
Meanwhile, the BSE Sensex was down 155.63 points, or 0.91%, to 16945.91.
On BSE, 2.31 lakh shares were traded in the counter as against an average daily volume of 1.75 lakh shares in the past one quarter.
The stock hit a high of Rs 316.50 and a low of Rs 310 so far during the day. The stock had hit a 52-week high of Rs 395 on 29 September 2009 and a 52-week low of Rs 185.08 on 12 December 2008.
The current price of Rs 315.05 discounts the company’s Q2 September 2009 annualised EPS of Rs 4.68, by a PE multiple of 67.31.
Indian Oil Corporation’s senior official B N Bankapur said that the firm’s crude unit along with associated downstream units at the Haldia refinery in West Bengal has been shut since 18 November 2009 to achieve capacity expansion.
IOC operates about 10 refineries across India with a total capacity of 1.204 million barrels per day. Haldia is IOC’s only coastal refinery and caters to the demand of eastern India.
—Agencies