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IOC gains on signing binding term sheet with Panasonic Energy for manufacturing cylindrical lithium-ion cells

01 Apr 2024 Evaluate

Indian Oil Corporation is currently trading at Rs. 169.85, up by 2.10 points or 1.25% from its previous closing of Rs. 167.75 on the BSE.

The scrip opened at Rs. 169.90 and has touched a high and low of Rs. 171.25 and Rs. 169.15 respectively. So far 547405 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 196.80 on 08-Feb-2024 and a 52 week low of Rs. 76.66 on 17-Apr-2023.

Last one week high and low of the scrip stood at Rs. 171.40 and Rs. 163.40 respectively. The current market cap of the company is Rs. 239354.99 crore.

The promoters holding in the company stood at 51.51%, while Institutions and Non-Institutions held 38.35% and 10.14% respectively.

Indian Oil Corporation (IOC) and Panasonic Energy Co., a Panasonic Group Company, have signed a binding term sheet to draw a framework for formation of a JV for manufacturing cylindrical lithium-ion cells in India in anticipation of expanding demand for batteries for two-and three-wheel vehicles and energy storage systems in the Indian market. This signing of binding term sheet follows soon after the signing of a Heads of Agreement on January 21 2024 at New Delhi by the two companies. The two companies are engaged in a feasibility study regarding the utilization of battery technology to facilitate the transition to clean energy in India, with the aim of finalizing details of their collaboration by the summer of this year.

In addition to meeting domestic requirements, investments in setting up local manufacturing will set up a complete supply chain ecosystem improving India’s self-reliance, fortifying India's position in the global energy landscape. This will also lead to creating demand for raw material sourcing within the country, enhancing domestic value addition, encourage the entry of new market participants and the growth of India's battery industry in terms of highly efficient cell technology.

Indian Oil Corporation 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.

Indian Oil Corp. Share Price

147.40 0.40 (0.27%)
21-Apr-2026 15:54 View Price Chart
Peers
Company Name CMP
Reliance Industries 1353.65
Indian Oil Corp. 147.40
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HPCL 384.70
MRPL 180.75
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