Hindustan Oil Exploration Company rose 1.21% to Rs 163.45 after the board approved a proposal to raised funds by issuing equity shares upto Rs 250 crore.
The company also approved an increase in the borrowing limits of the board upto a sum of Rs 500 crore.The company said that both the proposals are subject to approval from the shareholders at the ensuing annual general meeting and other regulatory/ statutory authorities, as may be required.
Hindustan Oil Exploration Company is engaged in the exploration and production of hydrocarbons crude oil and natural gas, which are natural resources. The company provides geological and geophysical services relating to the exploration of oil and natural gas and other oil field services. The company has a 100% subsidiary namely HOEC Bardahl India Ltd which is engaged in marketing of fuel or engine additives.
The company reported a 191.4% jump in consolidated net profit to Rs 32.35 crore on a 193.4% increase in net sales to Rs 89.42 crore in Q1 FY23 over Q1 FY22.
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