Indian Oil Corporation gains on getting nod to form Wholly Owned Subsidiary in India
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Indian Oil Corporation is currently trading at Rs. 79.15, up by 0.44 points or 0.56% from its previous closing of Rs. 78.71 on the BSE.
The scrip opened at Rs. 78.76 and has touched a high and low of Rs. 80.15 and Rs. 78.76 respectively. So far 547261 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 90.71 on 22-Apr-2022 and a 52 week low of Rs. 65.20 on 29-Sep-2022.
Last one week high and low of the scrip stood at Rs. 80.15 and Rs. 77.22 respectively. The current market cap of the company is Rs. 111148.27 crore.
The promoters holding in the company stood at 51.50%, while Institutions and Non-Institutions held 38.17% and 10.33% respectively.
Indian Oil Corporation (IOC) has received approval from board of directors for formation of a Wholly Owned Subsidiary (WoS) in India, subject to approval of NITI Aayog, DIPAM etc. to operate in the domain of low carbon, new, clean and green energy businesses. The proposed WoS will focus and pursue Indian Qil’s low carbon and green energy business to meet the operational requirements of the net zero target and beyond. The board of directors at its meeting held on March 14, 2023 has approved the same.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
