Shares of HOEC are down 16 percent over the last 12 months.
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Hindustan Oil Exploration Co. Ltd. (HOEC) shares climbed as much as 11.7 percent in intraday trade on Wednesday with strong trading volumes.
The stock hit a high of Rs 153.90 in intraday trading, outperforming the S&P BSE Sensex, which is down over 0.3 percent.
Trading volumes also witnessed a spike, with the number of shares changing hands on the Bombay Stock Exchange jumping nearly 7 times in the early minutes itself.
HOEC is a state-owned company engaged in the exploration, development, and production of crude oil and natural gas in India, both onshore and offshore. Over the past year, HOEC shares have fallen over 16 percent compared to a 1.2 percent rise in the benchmark Sensex.
Interestingly, the HOEC stock witnessed a sharp single-day spike last month as well, when it rose over 13 percent on October 14 with strong volumes. The sharp spike came under the radar of exchanges, with both the BSE and the NSE seeking responses from HOEC regarding the same.
In response, HOEC said that it is not aware to of the reasons for the increase in the company's price and volumes.
Shares of HOEC are trading 10 percent higher at Rs 151.70.
(Edited by : Rukmani Krishna)