Shares of Indian Oil Corp. gained on Friday after it agreed to form a joint venture with Praj Industries Ltd. for building biofuels production capacities in India.
The oil company has signed a term sheet with Praj Industries to advance plans to strengthen biofuels production capacities in India. Various biofuels covered under this memorandum of understanding include sustainable aviation fuel, ethanol, compressed bio-gas, biodiesel and bio-bitumen among others.
The two companies had already agreed to create a 50:50 joint venture earlier in October 2021.
Shares of the company rose 2.18% to Rs 100.75 apiece, compared to a 0.046% decline in the Nifty 50 as of 9:48 a.m. The stock rose to an intraday high of 2.69%.
The total traded quantity so far in the day stood at 5.3 times the 30-day average volume. The stock's relative strength index stands at 80, indicating that it may be overbought.
Out of the 37 analysts tracking the stock, 26 maintain a 'buy', 8 recommend a 'hold', and three suggest a 'sell', according to Bloomberg data. The consensus price estimate indicates a 0.3% downside over the next 12 months.
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