Shares of oil marketing firm Indian Oil Corporation (IOC) traded in a bearish session on Thursday (December 26) as the broader Nifty Oil and Gas index traded in a positive bias. At around 10:58 am, its shares were trading 0.29 percent or Rs 0.4 lower at Rs 137.85 per share on the BSE.
The oil refiner will reportedly enter into a memorandum of understanding (MoU) with the Odisha government next month for setting up a naphtha cracker project in the port city of Paradip at an estimated cost of Rs 61,000 crore.
The statement said the MoU will be signed between the Odisha government and IOCL in January during the conference ‘Utkarsh Odisha – Make in Odisha 2025’. The foundation stone of IOC’s upcoming Rs 4,352 crore cable project at Bhadrak will also be laid then, it added.
Earlier this week, the IOC Chairman met Chief Minister Mohan Charan Majhi at the State Secretary’s office to discuss the progress of various ongoing and upcoming projects of the company in Odisha.
“During the discussions it was decided that IOCL and the Odisha Government will sign a memorandum of understanding for the naphtha cracker project at Paradip in January. The project has received in-principle approval and IOCL will invest over Rs 61,000 crore in the project,” the Chief Minister’s Office said in a statement.
Trendlyne data suggests that the consensus recommendation from 32 analysts of the stock is ‘hold’ with 9 analysts indicating ‘strong buy’ on the counter.
IOC price performance
On a year-to-date basis, the stock has gained just over 6 percent, while its 3-year return is over 87 percent.
(With input from agencies)
