Moneycontrol
Last Updated : Oct 11, 2018 01:31 PM IST | Source: Moneycontrol.com

IOC gains 6% on approval for investment proposal of Rs 7,315cr

The company board in its meeting held on October 11 approved investment for implementation of city gas distribution (CGD) for 7 geographical areas.

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Shares of Indian Oil Corporation (IOC) gained 6.5 percent after company approved investment plan worth Rs 7,315 crore.

The company board in its meeting held on October 11 approved investment for implementation of city gas distribution (CGD) for 7 geographical areas.

The Board has approved the estimated total capital investment of Rs 5,463 crore on implementation of the CGD projects.

It has also approved installation of facilities for production of ethanol from PSA off gas of hydrogen generation unit (HGU) at Panipat refinery using gas fermentation technology of LanzaTech USA at an estimated cost of Rs 5,20 crore.

The board approved proposal for investment for laying of Paradip- Somnathpur- Haldia Pipeline (PSHPL) at an estimated cost of Rs 1,332 crore.

At 13:19 hrs Indian Oil Corporation was quoting at Rs 131.50, up Rs 7.20, or 5.79 percent on the BSE.

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First Published on Oct 11, 2018 01:31 pm
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