Indian Oil Corporation (IOCL) gained 2.73% to Rs 75.25 after the company's board approved investment proposal for capacity expansion of Digboi Refinery, Assam.
The PSU company's board has accorded investment approval for capacity expansion of Digboi refinery from 0.65 million metric tonne per annum (MMTPA) to 1 MMTPA along with associated facilities at an estimated cost of Rs 740.20 crore.
The company said that the project is expected to be commissioned by October 2025. The capacity expansion would improve the profitability of the Digboi Refinery.
IOCL is an Indian government owned oil and gas explorer and producer. As of 31 March 2022, the Government of India held 51.50% stake in the company.
The company reported 31.4% fall in standalone net profit to Rs 6021.88 crore despite a 43.2% increase in net sales to Rs 1,77,287.31 crore in Q4 FY22 over Q4 FY21.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app