IOC up on Rs 60K cr projects, bonus issue

The stock slipped from the day's high and ended with a marginal gain of 1.5% at Rs 646. The counter witnessed trades of 188,744 shares on the BSE today.
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(Updated at 1028 hrs)

Indian Oil Corporation (IOC) has gained in early trades on projects worth Rs 60,000 crore.

The stock opened at Rs 651 and gained 3% to a high of Rs 656. It touched a low of Rs 643. The stock is now up 2.2% at Rs 651. The stock is just 5% away from its 52-week high of Rs 688 but has surged 117% from its 52-week low of Rs 299. Around 53,859 shares have been traded on the BSE so far.

The company has decided to implement projects in petrochemical and refinery capacity expansion. The projects will be worth Rs 60,000 crore, including over Rs 20,000 crore. The company has recommended the issue of one bonus share for every one equity share held by a share holder.

IOC would also be sourcing around a million tonnes of crude from RIL's K-G basin next year. The company would also buy around 1.5 mt of crude from Cairn India next year for its refineries in western India.