Stock under Rs 100: This PSU company receives a project worth Rs 61,077 crore!

The domestic benchmark indices started the day on a weak note. 

The domestic benchmark indices started the day on a weak note. BSE Sensex Index is down by 126 points or 0.22 per cent at a level of 58,088.83. On the sectoral front, the indices are trading mixed, with the BSE Power Index leading the gainers and the BSE Information Technology Index leading the losers.  

Indian Oil Corporation Ltd informed that the Board of company has accorded ‘in-principle’ approval to carry out pre-project activities including the preparation of a detailed feasibility report for setting up Paradip Petrochemical Complex at Paradip, Odisha at an estimated project cost of Rs 61,077 crore. The project shall improve the petrochemical intensity index of the company and de-risk its fossil fuel business. It will also help to reduce import dependency and contribute to the vision of “Atmanirbhar Bharat.” 

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. 

Today, shares of the company plunged 0.34 per cent to Rs 79.31 per share with a day high of Rs 79.58 and a low of Rs 79.05.  

The stock has a 52-week high of Rs 90.71 and a 52-week low of Rs 65.20. Investors should keep an eye on this Large-Cap PSU stock.