Indian Oil Corporation leads rally in oil and gas space on high volumes

MUMBAI: Indian Oil Corporation outperformed peers in trade today as investors focused on oil & gas sector in the pull-back rally. The stock closed near day’s high after surging 7.03 per cent intraday on volume of 24,81,567 shares.

IOC has commenced construction work on its proposed 4 MW solar power project at Muttam village in the district.

The company was in news recently on increasing stake in Chennai Petroleum Corporation through Rs 1000 crore investment. Chennai Petroleum Corporation reported over seven-fold rise in net profit at Rs 364.57 crore for the fourth quarter ended March 31, 2015 against a net profit of Rs 49.81 crore during the corresponding period of the previous year.