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.
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