HOEC drops to 52-week low on post result slide

Meanwhile, the S&P BSE Sensex was up 103.95 points or 0.54% at 19,533.18.

On BSE, 2.02 lakh shares were traded in the counter as against average daily volume of 2.87 lakh shares in the past one quarter.

The stock hit a low of Rs 35.40 so far during the day, which is a 52-week low for the counter. The stock hit high of Rs 40.25 so far during the day. The stock had hit a 52-week high of Rs 140 on 5 July 2012.

The stock had underperformed the market over the past one month till 7 June 2013, sliding 39.25% compared with the Sensex's 2.3% fall. The scrip had also underperformed the market in past one quarter, declining 40.78% as against Sensex's 0.08% gain.

The small-cap oil exploration firm has equity capital of Rs 130.49 crore. Face value per share is Rs 10.

Shares of Hindustan Oil Exploration Company (HOEC) dropped 86.2% in eight trading sessions from a recent high of Rs 64.40 on 28 May 2013. Most of fall was triggered after the company after market hours on 29 May 2013 reported poor Q4 results. The stock had remained unchanged on 5 June 2013.

HOEC reported net loss of Rs 28.33 crore in Q4 March 2013, as against net profit of Rs 7.55 crore in Q4 March 2012. Net sales rose 28.5% to Rs 33.36 crore in Q4 March 2013 over Q4 March 2012.

HOEC was incorporated in 1983 for taking up Exploration and Production (E&P) activities. The company has participating interest in nine oil/gas fields in India (in Cambay basin, Cauvery basin, Assam Arakan basin and Rajasthan basin), which are in varying stages of E&P life cycle i.e. exploration, development and production.

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