IOCL inches up on plans to set up hydrogen manufacturing units at its Haryana facility

Indian Oil Corporation rose 0.79% to Rs 337.35 at 10:52 IST on BSE after PESO issued permission to the company to set up hydrogen manufacturing and dispensing facilities in its R&D centre at Faridabad, Haryana.

Meanwhile, the S&P BSE Sensex was up 289.71 points or 1.07% at 27,395.10.

On BSE, so far 10,000 shares were traded in the counter as against average daily volume of 97,521 shares in the past one quarter.

The stock was volatile. The stock rose as much as 1.28% at the day's high of Rs 339 so far during the day. The stock rose 0.23% at the day's low of Rs 335.50 so far during the day. The stock had hit a 52-week high of Rs 410.90 on 12 September 2014. The stock had hit a 52-week low of Rs 274.90 on 8 May 2014.

The stock had underperformed the market over the past one month till 8 May 2015, sliding 11.2% compared with Sensex's 5.58% fall. The scrip had, however, outperformed the market in past one quarter, advancing 2.29% as against Sensex's 5.62% fall.

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

Minister of State (Independent Charge) in the Ministry of Commerce & Industry Nirmala Sitharaman in a written reply in Lok Sabha on Friday, 8 May 2015 said that the Petroleum and Explosives Safety Organization (PESO) under Department of Industrial Policy and Promotion (DIPP) issued a licence for dispensing of Hydrogen-CNG blend as fuel to Indian Oil Corporation (IOCL) at its R&D Centre Faridabad, Haryana for its own use for demonstration purpose. PESO has also given 'in principal' approval for IOCL for dispensing hydrogen to vehicles for demonstration and data acquisition purpose at the above centre.

IOCL reported net loss of Rs 2636.80 crore in Q3 December 2014, higher than net loss of Rs 961.45 crore in Q3 December 2013. Net sales declined 8.9% to Rs 106927.34 crore in Q3 December 2014 over Q3 December 2013.

The Government of India (GoI) held 68.57% stake in IOCL (as per the shareholding pattern as on 31 March 2015).

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