HOCL remains locked at 20% upper circuit

HOCL remains locked at 20% upper circuit

Last Updated: Thu, Jan 12, 2017 15:48 hrs
People watch a large screen displaying India's benchmark share index on the facade of the BSE building in Mumbai

Hindustan Organic Chemicals Limited (HOCL) remains firmly locked at 20% upper circuit. The stock spurted on huge volumes today following an announcement from the company that its board will consider a proposal to sell part of the company’s land at Rasayani to Bharat Petroleum Corporation Limited.

Besides this proposal, the board will also consider the  un-audited financial results of the company for the third quarter ended December 31, 2016, on 20 January 2017, the company said.

The state-run company had reported a net loss of Rs 80 crore for the first half of this fiscal. In the year 2015-16, the company had posted a loss of Rs 174 crore.

The HOCL counter on BSE clocked a volume of more than 4.5 lakh shares today, more than 6.5 times its average daily volume of around 68,000 shares.

After hitting a 52-week high of Rs 27.80 on 24 October 2016, the stock had declined to around Rs 17 by end November 2016.

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