IOC gains 2.9% on bonus issue proposal

Shares of state owned oil and gas company, Indian Oil Corporation Limited (IOC), surged by over 4% during the afternoon hours, on the Exchanges on Tuesday as the company announced that its board may consider issuance of bonus shares in its meeting scheduled on January 30, 2018. However, at closing hours, the IOC stock ended up by 2.09% on NSE.

The IOC will also be announcing its Q3 results on January 30, 2018. The company’s board has also recommended issue of bonus shares in 1:1 ratio, which would effect in the addition of one equity bonus share for every existing equity share.

The stock closed at Rs. 390.50 up by 2.09% on NSE, while BSE Sensex closed higher by 341.97 points, to 36,139.98 and Nifty50 rose 117.50 points to close at 11,083.70.