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Indian Oil Corporation soars on heavy volumes

The stock soared 13% to Rs 429, bouncing back 17% from its intra-day lows of Rs 366 on the BSE.

SI Reporter  |  Mumbai 

Indian Oil Corporation (IOC) has soared 13% to Rs 429 on the BSE on the back of heavy volumes. The stock has bounced back by 17% from its intra-day lows of Rs 366 touched in early-morning trades on the BSE.

Till 01:34 PM, a combined 7.79 million shares changed hands on the counter against an average sub-three million shares that were traded daily in the past two weeks on the BSE and NSE.

IOC’ offer for sale (OFS) managed to scrape through on Monday with the help of domestic institutional investors. The issue was oversubscribed 1.43 times on the NSE, with the retail quota remaining undersubscribed.

According to data on the NSE website, the retail category was subscribed 0.18 times, while the general category, comprising domestic and overseas institutional investors, was subscribed 1.43 times.

Sources said that LIC bought almost 75% of the shares on offer, worth around Rs 7,000 crore. CLICK HERE TO READ FULL REPORT.

Meanwhile, Hindustan Petroleum Corporation (up 8% at Rs 820) and Bharat Petroleum Corporation (6% at Rs 868) were up more than 5% each on the BSE due to lower crude oil prices.

First Published: Tue, August 25 2015. 13:37 IST