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IOC drops as government to divest 10% stake

Capital Market/ 11:47 , Jun 06, 2013

Indian Oil Corporation lost 1.75% to Rs 277.20 at 11:50 IST on BSE after the government issued an advertisement for appointing merchant bankers for divesting its 10% stake in the state-run oil refining cum marketing firm.

Meanwhile, the S&P BSE Sensex was down 95.80 points or 0.49% at 19,472.42.

On BSE, 27,000 shares were traded in the counter as against average daily volume of 71,147 shares in the past one quarter.

The stock hit a high of Rs 281.55 and a low of Rs 276.55 so far during the day. The stock hit a 52-week high of Rs 375 on 18 January 2013. The stock had hit a 52-week low of Rs 239 on 19 June 2012.

The stock had underperformed the market over the past one month till 5 June 2013, sliding 3.52%, compared with the Sensex's 0.04% fall. The scrip had also underperformed the market in past one quarter, declining 8.33% as against Sensex's 2.22% gain.

The large-cap state-run oil refining cum marketing company has equity capital of Rs 2427.95 crore. Face value per share is Rs 10.

The government intends to divest 10% stake in Indian Oil Corporation (IOC) through an Offer for Sale (OFS) via the stock exchanges mechanism. The government currently holds 78.92% stake in IOC.

IOC's net profit rose 14.5% to Rs 14512.81 crore on 10.2% growth in net sales to Rs 128449.69 crore in Q4 March 2013 over Q4 March 2012.


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