Hindustan Oil Exploration Company (HOEC) hit a new 52-week high today morning at Rs.78.90, with volumes surging over 2.5 times.
The market is thrilled that the company has received 2 orders from the Government of India. These are two contracts in consortia with Oil India, Prize Petroleum and other private sector companies. This contract was won through a round of bidding for discovered small fields.
One contract is for Mumbai offshore, in which HOEC has a 50% participating interest and the other is for onshore field in Arunachal Pradesh, in which it has a 40% interest.