The company made this announcement during trading hours today, 1 February 2012.
Meanwhile, the BSE Sensex was up 84.51 points, or 0.49% to 17,278.06.
On BSE, 3.48 lakh shares were traded in the counter as against average daily volume of 58,381 shares in the past one quarter.
The stock hit a high of Rs 288.60 and a low of Rs 268.70 so far during the day. The stock had hit a 52-week low of Rs 247.35 on 3 January 2012. The stock had hit a 52-week high of Rs 360 on 27 June 2011.
The large-cap stock had outperformed the market over the past one till 31 January 2012, surging 13.69% compared with Sensex's 11.25% return. The scrip had also outperformed the market over the past one quarter, declining 0.88% as against Sensex's 2.89% fall.
The state-run crude oil refining and marketing company has equity capital of Rs 2427.95 crore. Face value per share is Rs 10.
Indian Oil Corporation said that the High Court of Allahabad has dismissed the company's Writ Petition and upheld the U.P. Entry Tax Act 2007, whereby the Uttar Pradesh (UP) state government was entitled to levy entry tax on crude oil brought into for refining at the company's Mathura refinery. Indian Oil filed a Special Leave Petition in Supreme Court wherein Interim Order has been pronounced on 17 January 2012 stating that the operation of the judgement of Allahabad High Court is stayed subject to Indian Oil depositing 50% of the accrued tax liability/arrears under the U.P. Entry Tax Act 2007 and furnish bank guarantee for the balance amount. The amount so deposited/paid and the bank guarantees furnished is, however, subject to result of the appeal, the company said. The matter is being examined legally for further course of action, Indian Oil said.
Indian Oil Corporation (IOCL) announces Q3 December 2011 results on 13 February 2012. The company reported net loss of Rs 7485.55 crore in Q2 September 2011, compared with net profit of Rs 5293.95 crore in Q2 September 2010. Net sales rose 15.8% to Rs 89145.55 crore in Q2 September 2011 over Q2 September 2010.
The Government of India (GoI) holds 78.92% stake in Indian Oil Corporation.