- Indian Oil moves north on Haldia expansion plans
Hot Pursuit Monday, December 07, 2009 15:07 Hrs IST

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Indian Oil moves north on Haldia expansion plans

Indian Oil Corporation rose 1.56% to Rs 315.05 at 15:03 IST on reports the company aims to increase its Haldia refinery capacity by 25% to 150,000 barrels a day by mid-January 2010.

Meanwhile, the BSE Sensex was down 155.63 points, or 0.91%, to 16945.91.

On BSE, 2.31 lakh shares were traded in the counter as against an average daily volume of 1.75 lakh shares in the past one quarter.

The stock hit a high of Rs 316.50 and a low of Rs 310 so far during the day. The stock had hit a 52-week high of Rs 395 on 29 September 2009 and a 52-week low of Rs 185.08 on 12 December 2008.

The stock had underperformed the market over the past one month till 4 December 2009, rising 0.89% as compared to the Sensex's 7.47% rise. It underperformed the market in past one quarter, gaining 0.56% as against 9% increase in the Sensex.

The large-cap state-run oil marketing company has an equity capital of Rs 2427.95 crore. Face value per share is Rs 10.

The current price of Rs 315.05 discounts the company's Q2 September 2009 annualised EPS of Rs 4.68, by a PE multiple of 67.31.

Indian Oil Corporation's senior official B N Bankapur was quoted by the media as saying that the firm's crude unit along with associated downstream units at the Haldia refinery in West Bengal have been shut since 18 November 2009 to achieve capacity expansion.

IOC operates about 10 refineries across India with a total capacity of 1.204 million barrels per day. Haldia is IOC's only coastal refinery and caters to the demand of eastern India.

Indian Oil Corporation reported a net profit of Rs 284.36 crore in Q2 September 2009 as against a net loss of Rs 7047.13 crore in Q2 September 2008. Sales fell 29.5% to Rs 60787.30 crore in Q2 September 2009 over Q2 September 2008.

IOC manufactures and markets petroleum products, crude oil, lubricants and grease, oil base and additives and other petroleum related products.

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