Indian Oil Corporation gains on entering into binding GSPA with PLL

Indian Oil Corporation is currently trading at Rs. 431.40, up by 2.75 points or 0.64% from its previous closing of Rs. 428.65 on the BSE.

The scrip opened at Rs. 431.00 and has touched a high and low of Rs. 431.60 and Rs. 425.00 respectively. So far 2891 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 465.40 on 24-Jul-2015 and a 52 week low of Rs. 307.00 on 13-Feb-2015.

Last one week high and low of the scrip stood at Rs. 439.50 and Rs. 424.60 respectively. The current market cap of the company is Rs. 104074.18 crore.

The promoters holding in the company stood at 58.57% while Institutions and Non-Institutions held 16.88% and 24.54% respectively.

Indian Oil Corporation (IOC) has entered into a binding Gas Sale and Purchase Agreement (GSPA) with Petronet LNG (PLL) for supply of an additional quantity of 0.3 MMTPA of RLNG with effect from January, 2016. This is in addition to the existing long term GSPA of 2.25 MMTPA, which was executed in September, 2003. The terms of existing agreement have also been amended to adjust some aspects, which will protect and preserve the overall value of the contract.

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.