Indian Oil Corporation Ltd board approves expansion of capacity at Panipat Refinery to 25 MMTPA

The Board of Indian Oil Corporation Limited (IndianOil) at its meeting held on 26th February 2021 has accorded its approval for capital investment for capacity expansion of Panipat Refinery from 15 MMTPA to 25 MMTPA along with installation of Polypropylene Unit and Catalytic Dewaxing Unit at an estimated cost of Rs.32,946 Crore. The project is expected to be commissioned by September 2024.

The capacity expansion would improve the operational flexibility of the Refinery to meet the domestic energy demand and would also enhance the petrochemicals intensity. The increased production of petrochemicals and value added specialty products would not only improve the margins but also de-risk the conventional fuel business of the company.

Shares of INDIAN OIL CORPORATION LTD. was last trading in BSE at Rs.98 as compared to the previous close of Rs. 100.9. The total number of shares traded during the day was 2852329 in over 9913 trades.

The stock hit an intraday high of Rs. 101.95 and intraday low of 97.2. The net turnover during the day was Rs. 284863641.

Source : Equity Bulls

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