Meanwhile, the BSE Sensex was up 78.44 points, or 0.50%, to 15,766.91.

On BSE, 20,310 shares were traded in the counter. The stock had an average daily volume of 7.88 lakh shares in the past one quarter.

The stock opened with an upward gap, surging by the maximum 5% daily circuit and remained locked at the 5% level so far in the day. Today's high of Rs 339.45 is record high for the counter. The stock hit a 52-week low of Rs 42.90 on 27 October 2008.

The stock has risen 47.30% in just eight trading sessions from Rs 230.45 on 14 August 2009.

The mid-cap stock had outperformed the market over the past one month till 25 August 2009, jumping 119.11% as compared to the Sensex's 2.01% rise. It had also outperformed the market in the past one quarter, soaring 144.18% as compared to the Sensex's return of 12.76%.

The company's current equity is Rs 130.53 crore. Face value per share is Rs 10.

The current price of Rs 339.45 discounts the company's Q1 June 2009 annualized EPS of Rs 3.83, by a PE multiple of 88.63.

Last week, the company announced that PY-3 field might recommence its operations by September 2009. In early July 2009, the production from PY-3 field was stopped due to unscheduled repairs and maintenance of the offshore mooring facility. The company has 21% non-operating participating interest in PY-3 field

As per recent reports, Hindustan Oil Exploration Company (HOEC)'s PY-1 field is likely to begin gas production before end-September 2009.

The PY-1 block extends over an area of 75 square kilometre and HOEC is the sole licensee of the field, which lies in the Bay of Bengal, off Puducherry.

On 21 July 2009 HOEC said that the two blocks acquired under the New Exploration Licensing Policy (NELP) VII have been granted Petroleum Exploration License by the Government of Rajasthan. The first block RJ-ONN- 2005/1 where the company holds a 20% participating interest has validity of seven Years from 13 July 2009. The second block RJ-ONN-2005/2 where the company's participating interest is 25% bears validity of seven Years from 13 July 2009.

HOEC's net profit fell 8.1% to Rs 12.49 crore on 22.9% fall in net sales to Rs 15.02 crore in Q1 June 2009 over Q1 June 2008.

The company is an independent exploration and production company, which operates in the offshore oil and gas exploration segment.