Back-to-back 52-week highs in this multibagger stock: Heavy buying witnessed as the board approves rights issue!

The stock is up by 75 per cent in just 3 years and over 160 per cent in 1 decade.

Indian Oil Corporation Ltd informed that a Board Meeting of the company on July 07, 2023, has approved the raising of capital by way of the issue of equity shares on the right basis up to an amount not exceeding Rs 22,000 crore, subject to receipt of necessary statutory approvals as may be required. The details of the rights issue viz. the issue price, right entitlement, record date, issue open date, issue closure dates, terms of payment etc., will be intimated separately in accordance with the applicable laws, and subject to receipt of necessary approvals as may be required.

Recently, Indian Oil Corporation Limited (IndianOil) and Praj Industries Limited (Praj) signed a term sheet to advance plans to strengthen biofuel production capacities in India. Various biofuels covered under this MoU include Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel and Bio-bitumen among others. Earlier in October 2021, both Companies had entered into an agreement to form a 50:50 Joint Venture to this end.

Indian Oil Corporation Limited explores for and refines crude oil, in addition to manufacturing petroleum & petroleum products. The company's products include lubricating oils, liquid petroleum gas, aviation turbine fuels, greases, wax, bitumen and asphalt. The greatest majority shareholding in the company is held by Indian Government.

On Friday, shares of the company surged 0.66 per cent to Rs 99.25 per share with a day high of Rs 101.20 and a low of Rs 98.80. The stock also traded at a new 52-week high of Rs 101.20 per share with a spurt in volume by more than 2.04 times on BSE. This stock also hits back-to-back 52-week highs in the recent trading session. 

Investors should keep an eye on this large-cap PSU stock.