IOC hits new 52-week high on capex plans

The stock soared to a high of Rs 682 and  finally ended at Rs 674, up 9% from the previous close. The counter has clocked volumes of  588, 867 shares as compared to the two-week daily average traded volumes of 154,062 shares on the BSE and the stock surged 16% in a month.
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(Updated at 1247hrs)

Indian Oil Corporation (IOC) has soared to a new 52-week high on plans of investing around Rs 60,000 crore in the next five years.

The stock opened at Rs 641 and surged 8% to a new 52-week high of Rs 666. The stock is now trading at Rs 661 - up 7%. It has surged over 14% in the past week. The counter has clocked comparatively heavy volumes of 350,723 shares on the BSE so far, as against the two-week daily average trade of 154,062 shares.

The government owned company plans to invest Rs 60,000 crore in capacity-building in the next five years. The company is in the process of building a Rs 14,000-crore facility at Panipat for naphtha crackers and propylene. It is to start operations by April 2010.

Further, the company is aiming to have 15% of its revenue from petrochemicals in the next three years. The company is also expected to add around 200 retail outlets a year.