IOC strengthens on buying million barrels of West African crude oil

Indian Oil Corporation (IOC) is currently trading at Rs. 273.85, up by 7.85 points or 2.95% from its previous closing of Rs. 266.00 on the BSE. The scrip opened at Rs. 266.55 and has touched a high and low of Rs. 274.50 and Rs. 265.60 respectively. So far 58936 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 320.45 on 16-May-2013 and a 52 week low of Rs. 186.20 on 31-Jul-2013. Last one week high and low of the scrip stood at Rs. 274.20 and Rs. 259.00 respectively. The current market cap of the company is Rs. 66550.18 crore. The promoters holding in the company stood at 68.57 % while Institutions and Non-Institutions held 6.97 % and 24.46 % respectively. Indian Oil Corporation (IOC) has purchased three million barrels of West African crude oil via a tender for June lifting, including a rare purchase of Nigeria’s Okwuibome grade. The company has bought million barrels of Okwuibome oil from trader Glencore as a trial cargo for processing at some of its own plants. Further, the company bought a very large crude carrier containing about a million barrels each of Nigeria’s Zafiro and Qua Iboe grades. IOC, along with subsidiary Chennai Petroleum, controls about 31% of India's oil refining capacity of 4.3 million bpd.