IOC’s stocks rose 4.70 per cent in early trading on Friday at the BSE, extending yesterday’s gains triggered by the report that the government has decided to phase out kerosene subsidy.
Besides, analysts said the first quarter result announced by the refining PSU was better than market expectations.
IOC’s shares rallied even as the Sensex had shed 103.77 points. PSU refiner’s shares had surged 4.6 per cent in Thursday’s trading at the BSE.
The stock had underperformed the market over the past one month till August 3, rising 0.34 per cent compared with 3.18 per cent rise in the Sensex.
The scrip had also underperformed the market in past one quarter, falling 10.68 per cent as against Sensex’s 7.97 per cent rise.
The scrip had outperformed the market in past one year, rising 41.93 per cent as against Sensex’s 16.32 per cent rise.
IOC reported average gross refining margin of $4.32 per bbl in the quarter ended June compared with $9.98 per bbl in the same period last year.