Indian Oil Corporation hits record high

Indian Oil Corporation (IOC) was up nearly 4% to Rs 606, also its record high on the BSE, after the company said it will invest over Rs 9,800 crore in expanding its Barauni refinery in Bihar and setting up a petrochemical unit at Panipat refinery in Haryana.

The board of directors of IOC in its meeting on Thursday approved expansion of Barauni refinery from 6 million tonnes per annum (MTPA) to 9 MTPA capacity along with downstream Polypropylene unit at an estimated cost of Rs 8,287 crore, the company said in a regulatory filing.

The board also accorded "in-principle approval for implementation of Olefin recovery project along with expansion of existing naphtha cracker unit, MEG revamp and Benzene expansion unit modifications at Panipat at an estimated cost of Rs 1,527 crore, it added.

Meanwhile, the board at its meeting held on August 29, 2016, had recommended issue of bonus shares in the ratio of 1:1 i.e. 1 (one) equity bonus share of Rs 10 each for every 1 (one) existing equity share. The company is yet to announce record date for the bonus issue.

A combined 1.10 million shares changed hands on the counter on the BSE and NSE till 10:56 am.

Indian Oil Corporation