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Indian Oil gained over 1%  after company floats new unit for clean energy business

Indian Oil Corporation (IOC) gained over 1% on Thursday after the company came up with a new unit for the renewable energy business.

The board accorded approval for formation of a wholly owned subsidiary in India to operate in the domain of low carbon, new, clean and green energy businesses.

To meet the operational requirements of the net zero goal, the proposed subsidiary will focus and pursue, low carbon and green energy business.

Also, the company plans to set up green hydrogen plants at all its refineries.

According to Anshuman Khanna - Director, ValPro and Enablers, the stock remains under pressure owing to the uncertainties around pricing of retail fuels.

Analysts believe that the stock could rally till 86 rupees, while the support level for the stock is 77 rupees and the resistance level is 85 rupees. 

The stock's weekly average delivery volume is 50.76%.

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Indian Oil gained over 1% after company floats new unit for clean energy business

‘Oil marketing companies have witnessed good buying interest as crude oil has corrected sharply. The stock can witness an upmove in the short term towards ₹83-84,’ said Ruchit Jain, lead research, 5paisa. com.

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Indian Oil gained over 1% after company floats new unit for clean energy business

‘Oil marketing companies have witnessed good buying interest as crude oil has corrected sharply. The stock can witness an upmove in the short term towards ₹83-84,’ said Ruchit Jain, lead research, 5paisa. com.

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