Indian Oil Corporation gains on unveiling indoor solar cooking stove
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Indian Oil Corporation is currently trading at Rs. 106.90, up by 1.30 points or 1.23% from its previous closing of Rs. 105.60 on the BSE.
The scrip opened at Rs. 105.65 and has touched a high and low of Rs. 107.20 and Rs. 105.15 respectively. So far 272009 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 141.75 on 09-Nov-2021 and a 52 week low of Rs. 101.60 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 108.00 and Rs. 101.60 respectively. The current market cap of the company is Rs. 100496.15 crore.
The promoters holding in the company stood at 51.50%, while Institutions and Non-Institutions held 19.79% and 28.71% respectively.
Indian Oil Corporation (IOC) has unveiled a stationary, rechargeable and indoor cooking stove that uses the sun's energy to cook food while always being kept in the kitchen. The stove, which entails a one-time procurement cost and has zero maintenance, is being touted as a substitute for fossil fuels. The stove is different from solar cookers as it does not have to be placed under sunlight.
The stove currently costs between Rs 18,000 to Rs 30,000 but considering economies of scale when 2-3 lakh units are produced and some government support, the cost can come down to Rs 10,000 to Rs 12,000 a unit. The stove has a 10-year life with no maintenance. It does not have a traditional battery that needs replacement. Also, the solar panel has a 25-year life.
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.
