Indian Oil Corp rises 2% as Board approves setting up yarn project in Odisha

The stocks of Indian Oil Corporation Limited (IOCL), a public sector oil company, saw a 1.98% rise to ₹139.80 on the National Stock Exchange (NSE), after the company’s Board of Directors approved the setting up of a yarn project in Odisha, at Bhadrak. The estimated cost of the project stands at ₹4,382.21 crores.

The yarn project will be set up as a joint venture between Indian Oil Corporation Limited and MCPI Private Limited, with both companies contributing equally. This indicates that IOCL’s equity investment is ₹657.33 crores.

“Investment approval for setting up of a Yarn Project consisting of 900 TPD Continuous Polymerization (CP) unit with downstream units of Draw Textured Yarn (DTY), Fully Drawn Yarn (FDY), Polyester chips & associated facilities at Bhadrak (Odisha)”, states the press release dated December 20, 2024.

At 2:45 PM, the shares of Indian Oil Corporation Limited trade at ₹138.05 per share as compared to the previous close of ₹137.08 per share on the National Stock Exchange (NSE) .

Indian Oil Corporation Limited (IOCL) was established in 1959 and is one of the largest and most prominent public sector oil companies in the country. The company is involved in the refining, distribution, and marketing of petroleum products such as petrol, diesel, LPG, and petrochemicals. 

Summary:

Indian Oil Corp gains 2% as board approves investment of ₹657.33 crores through a joint venture to set up yarn project in Odisha.