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IOC recovers after 4-day 7.8% slide

Capital Market/ 14:39 , Jun 12, 2013

Indian Oil Corporation rose 1.21% to Rs 263.20 at 14:41 IST on BSE, with the stock recovering after recent 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 60.03 points or 0.31% at 19,082.97.

On BSE, 50,000 shares were traded in the counter as against average daily volume of 72,061 shares in the past one quarter.

The stock hit a high of Rs 264 and a low of Rs 259.60 so far during the day. The stock had 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 11 June 2013, sliding 15.55% compared with the Sensex's 4.87% fall. The scrip had also underperformed the market in past one quarter, falling 16.92% as against Sensex's 2.56% decline.

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) had declined 7.83% in four trading sessions to settle at Rs 260.05 on Tuesday, 11 June 2013, 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 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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