Indian Oil Corporation Ltd accords investment approval for CGD network

The Board of Indian Oil Corporation Ltd (IndianOil) at its meeting held on 16th March 2022 has accorded investment approval of Rs. 7282 crore for development of City Gas Distribution (CGD) network in 9 Geographical areas (GAs) awarded to the Company by PNGRB in the 11th Round of CGD bidding. With these 9 Geographical Areas under IndianOil's fold, the Company will now have its presence in 26 number of Geographical Areas on its own and 23 number of Geographical Areas through its Joint Venture companies. After 11th Round of CGD Bidding, IndianOil along with its 2 Joint Venture companies is now present in 49 GAs and 105 Districts spread across 21 States and UTs, making it one of the major CGD players in the country.

Shares of Indian Oil Corporation Limited was last trading in BSE at Rs. 121.90 as compared to the previous close of Rs. 118.95. The total number of shares traded during the day was 369283 in over 3420 trades.

The stock hit an intraday high of Rs. 122.70 and intraday low of 119.50. The net turnover during the day was Rs. 44548132.00.

Source : Equity Bulls

Keywords

IndianOilCorporation INE242A01010 IOC InvestmentApproval CityGasDistribution PNGRB