Mumbai: Shares of IOC Wednesday settled for the day with marginal gain of 0.28 percent on the National Stock Exchange, in an otherwise volatile market.
During the day the stock had touched an intra-day high of Rs 414 and a low of Rs 387.05 on the NSE. At the end of the session it was quoted at Rs 395.95, up 0.28 percent from its previous closing price.
The surge in the counter assumes significance as the broader market closed in the negative territory.
The broad-based Nifty closed at 88.85 points or 1.13 percent down at 7,791.85 points.
The company has signed an agreement with Nepal Oil Corp (NOC) to lay a Rs 275-crore oil pipeline from Raxaul in Bihar to Amlekhgunj in Nepal.
Nepal depends on India for meeting all its fuel requirements. Petrol, diesel, domestic LPG and jet fuel (ATF) are currently trucked from IOC's depot at Raxaul to Nepal.
The 41 km pipeline -- 2 km in India and 39 km in Nepal -- will initially supply petrol, diesel and kerosene.
The pipeline, IOC said, will "ensure long-term supply of petroleum products to Nepal as well as stability of supplies from India to Nepal, which will benefit both the countries".
On BSE, however, the stock finally settled for the day at Rs 393.90, down 0.22 percent.
