IOC jumps after clarification on Mathura refinery expansion project

Indian Oil Corporation jumped 5.75% to Rs 357.45 at 14:05 IST on BSE after the company issued a clarification with regard to a news item pertaining to Mathura refinery expansion project.

The clarification was issued during market hours today, 18 August 2014.

Meanwhile, the S&P BSE Sensex was up 237.81 points or 0.91% at 26,341.04.

On BSE, so far 1.13 lakh shares were traded in the counter as against average daily volume of 1.39 lakh shares in the past one quarter.

The stock hit a high of Rs 359.50 and a low of Rs 338 so far during the day. The stock had hit a 52-week high of Rs 385.35 on 6 June 2014. The stock had hit a 52-week low of Rs 194.50 on 9 January 2014.

The stock had underperformed the market over the past one month till 14 August 2014, advancing 2.97% compared with Sensex's 4.38% rise. The scrip had, however, outperformed the market in past one quarter, surging 9.95% as against Sensex's 9.61% rise.

The large-cap public sector oil marketing company has equity capital of Rs 2427.95 crore. Face value per share is Rs 10.

Indian Oil Corporation (IOC) in a clarification with regard to a news item titled, "Indian Oil Corporation to invest Rs. 8,700 Crores in Mathura Refinery Expansion Project", said that the matter is in preliminary stage and has not been conceptualized. The UP Government is looking for promoting industrial development in UP and Indian Oil has evinced interest for expansion of its Mathura Refinery, provided the UP Government agrees to give financial/tax incentives to support the viability of the project, IOC said. Further view in the matter would be taken only after getting response from the UP Government, IOC added. In view of the above, presently there is no capital commitment or any material impact otherwise on the company, IOC said.

IOC reported a net profit of Rs 2522.94 crore in Q1 June 2014 as against net loss of Rs 3093.23 crore in Q1 June 2013. Net sales rose 13.1% to Rs 124666.20 crore in Q1 June 2014 over Q1 June 2013.

The Government of India (GoI) holds 68.57% stake in IOC (as per the shareholding pattern as on 30 June 2014).

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