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IOC extends losses as Govt to divest 10% stake via OFS

Capital Market/ 15:21 , Jun 07, 2013

Indian Oil Corporation lost 2.48% to Rs 269.80 at 15:23 IST on BSE, with the stock extending Thursday's 1.94% slide triggered by the government issuing an advertisement for appointing merchant bankers for divestment of 10% stake in the company.

Meanwhile, the S&P BSE Sensex was down 90.70 points or 0.46% at 19,428.79.

On BSE, 79,000 shares were traded in the counter as against average daily volume of 71,579 shares in the past one quarter.

The stock hit a high of Rs 276.65 and a low of Rs 268.50 so far during the day. The stock had hit a 52-week low of Rs 239 on 19 June 2012. The stock hit a 52-week high of Rs 375 on 18 January 2013.

The stock had underperformed the market over the past one month till 6 June 2013, sliding 5.95% compared with the Sensex's 0.78% fall. The scrip had also underperformed the market in past one quarter, declining 9.74% as against Sensex's 1.39% rise.

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.

Shares of Indian Oil Corporation (IOC) have fallen 4.37% in two trading sessions from Rs 282.15 on 5 June 2013, after the government issued an advertisement for appointing merchant bankers for divesting its 10% stake in IOC. The stock had fallen 1.94% to settle at Rs 276.65 on Thursday, 6 June 2013.

The government intends to divest 10% stake in 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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