Back-to-back 52-week highs in this multibagger PSU stock; Board likely to announce rights issue!

The stock is up by 70 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 is scheduled today, July 07, 2023, inter alia, to consider raising capital through the right issue of equity shares to meet the capital expenditure plan for its various projects, subject to various statutory approvals as may be required.

Recently, the 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.

On Thursday, shares of the company surged 3.22 per cent to Rs 98.60 per share with a day high of Rs 98.84 and a low of Rs 96. The stock also traded at a new 52-week high of Rs 98.84 per share with a spurt in volume by more than 1.78 times on BSE. This stock also hits back-to-back 52-week highs in the recent trading session. 

The stock is up by 70 per cent in just 3 years and over 160 per cent in 1 decade. Investors should keep an eye on this large-cap PSU stock.