Shares of Hindustan Oil Exploration rose over 13 per cent in early trade on Bombay Stock Exchange (BSE) after the Oil Ministry and Directorate General of Hydrocarbons approved commerciality of Dirok block in Assam. According to the management, infrastructure is available to deliver gas from Dirok block to the market. HOEC owns 26.9 per cent interest in the block. Other consortium partners include Oil India and Indian Oil Corporation.
Following the development, shares of the company gained as much as 13.23 per cent in intra-day trade to Rs 42.80 apiece on the BSE.
In a similar trend, shares of the company surged as much as 13.21 per cent to Rs 42.85 a piece on National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 27,693.75, up 6.45 points, or 0.02 per cent, at 11:30 hours.