IOC up 4.54% on government approval to bid for SSGC

DALAL STREET SPIKES

Indian Oil Corporation moved up by 4.54 per cent to close at Rs 556.8, after touching a 52-week high of Rs 572.10. The stock witnessed volumes of 5 lakh shares in Thrusday's trading session.

The stock spurted as the company received the government's approval to bid for a share in Pakistan's Sui Southern Gas Company (SSGC).

SSGC is Pakistan's second-largest gas transmission and distribution company. After rallying during December 2005, the stock had declined sharply in January 2006 but started recovering in February 2006. A sharp fall in global crude oil price also supported the stock's rally.