Money on the markets
A maturing market amid the mayhem
Shares in Indian Oil Corporation ended 10.96 percent higher on Wednesday. Its chairman said the firm aims to raise $4.4 billion in January through a FPO and that the pricing for offer was likely to be at 450 rupees apiece.
Shares were up as much as 14 percent during trade.
The Indian government is selling a 10 percent stake, while the company will offer an equal number of new shares to raise 20 billion rupees, making the sale the biggest-ever share offering in the Indian market.
Would you invest in IOC at this stage?
Shares in oil marketing firms like BPCL, HPCL and IOC surged on Monday, helping the BSE Oil & Gas index close marginally in positive.
Shares of such firms rose amid reports that companies have received subsidy from the government to ease selling losses and on expectations that the government may deregulate diesel prices soon.
Oil marketing firms posted decent gains on Thursday, with BPCL’s 5.6 percent rise vaulting it to the top of the gainers list in the BSE Oil & Gas Index.
Other firms like IOC, the country’s biggest oil retailer, rose 2.2 percent, while HPCL and Essar Oil ended 3.5 percent and 2.6 percent higher respectively.
The top Sensex gainers included ACC, DLF and JP Associates, all gaining over 8 percent each.