The government hopes to garner additional Rs 6,000-7,000 crore through this third hike.
The News International Team
In order to fund the ambitious infrastructure development programme, particularly the building of 15000-kms of roads, during current and next financial year, the government on Thursday decided to increase the basic excise duty on petrol and diesel (both branded and unbranded) by Rs 2 per litre.
The hike in rates will come into effect from the midnight (January 2, 2015), said a media statement, adding that there will be no change in other excise duty rates applicable to these commodities.
“Allocation of these resources to the road sector will also spur economic activity and employment generation arising from the road construction sector,” the statement said. The government hopes to garner additional Rs 6,000-7,000 crore through this third hike.
IOC stock price
On January 01, 2015, Indian Oil Corporation closed at Rs 336.55, up Rs 4.95, or 1.49 percent. The 52-week high of the share was Rs 410.90 and the 52-week low was Rs 194.50.
The company’s trailing 12-month (TTM) EPS was at Rs 41.40 per share as per the quarter ended September 2014. The stock’s price-to-earnings (P/E) ratio was 8.13. The latest book value of the company is Rs 271.80 per share. At current value, the price-to-book value of the company is 1.24.