HOEC rallies 6% on promoter stake sale reports
HOEC pared some of its morning gains and was trading 5.6 per cent higher at Rs 106.30. It has hit a low of Rs 103.05 and a high of Rs 120.80 in trade today.
By ET Online |
NEW DELHI: Hindustan Oil Exploration Company Ltd rallied over 6 per cent in early trade on Thursday. Eni, the Italian petroleum exploration and production company, is in talks with US-based Anadarko Petroleum Corporation to sell its entire stake of 47.18 per cent.
At 09:40 am, HOEC pared some of its morning gains and was trading 5.6 per cent higher at Rs 106.30. It has hit a low of Rs 103.05 and a high of Rs 120.80 in trade today.
Media reports indicate that Eni, a promoter of HOEC, with its thin portfolio of exploration assets, plans to exit the business.
“Market speculation is that the stake sale will take place at a premium of 35-40 per cent of the current market price of Rs 100/sh,” Kim Eng said in a morning note.
“ENI is now left with very few exploration assets and wants to quit the sector,” added the note.
At 09:40 am, HOEC pared some of its morning gains and was trading 5.6 per cent higher at Rs 106.30. It has hit a low of Rs 103.05 and a high of Rs 120.80 in trade today.
Media reports indicate that Eni, a promoter of HOEC, with its thin portfolio of exploration assets, plans to exit the business.
“Market speculation is that the stake sale will take place at a premium of 35-40 per cent of the current market price of Rs 100/sh,” Kim Eng said in a morning note.
“ENI is now left with very few exploration assets and wants to quit the sector,” added the note.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
