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IOC rises on planning to set up 1 GW electric vehicle battery plant

29 Aug 2019

Indian Oil Corporation is currently trading at Rs. 123.70, up by 0.75 points or 0.61% from its previous closing of Rs. 122.95 on the BSE.

The scrip opened at Rs. 122.60 and has touched a high and low of Rs. 123.35 and Rs. 121.55 respectively. So far 74109 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 170.40 on 03-Jun-2019 and a 52 week low of Rs. 105.65 on 05-Oct-2018.

Last one week high and low of the scrip stood at Rs. 127.90 and Rs. 116.10 respectively. The current market cap of the company is Rs. 115088.09 crore.

The promoters holding in the company stood at 52.18%, while Institutions and Non-Institutions held 20.90% and 26.91% respectively. 

Indian Oil Corporation (IOC) is reportedly planning to set up a 1 Giga Watt (GW) plant to make batteries used for running electric vehicles (EVs) in partnership with an overseas start-up using a non-lithium ion raw material that is locally available.

The move fits well with the government’s strategy to facilitate the adoption of EVs in the country’s energy basket, and cut the fuel import bill.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323