IOC surges on consideration of bonus share

India’s largest commercial enterprise Indian Oil surged by over 4 per cent on the bourses on Tuesday as the company announced that its board is likely to consider issuance of bonus shares in its upcoming board meeting on January 30, 2018.

The company will also be announcing its third quarter results on January 30, 2018. The board has recommended issue of bonus shares in the ratio of 1:1 which would result in the addition of one equity bonus share for every existing equity share.

On Tuesday, the stock surged by 4.2 per cent to hit its intraday high of Rs. 398.50 per share on BSE. It hit an intraday low of Rs. 388 per share on BSE. The stock hit its 52-week high of Rs. 462.60 per share on August 31, 2017 and its 52-week low of Rs. 351 per share on January 31, 2017 on BSE, respectively.

At 1505 hours IST, the stock was trading at Rs. 389.50 per share, higher by 1.86 per cent on BSE. Meanwhile, S&P BSE Sensex was trading at 36,106.03 level, higher by 0.86 per cent and NSE Nifty50 was trading at 11,072.25 level, higher by 0.97 per cent on Tuesday.