Meanwhile, the S&P BSE Sensex was up 33.62 points or 0.12% at 29,008.63.

The stock surged on heavy volumes. On BSE, so far 44.43 lakh shares were traded in the counter as against average daily volume of 4.55 lakh shares in the past one quarter.

The stock hit a high of Rs 48 and a low of Rs 40.45 so far during the day. The stock had hit a 52-week high of Rs 76.75 on 11 June 2014. The stock had hit a 52-week low of Rs 31.85 on 17 December 2014.

The stock had outperformed the market over the past one month till 23 February 2015, advancing 21.65% compared with Sensex's 1.04% fall. The scrip had, however, underperformed the market in past one quarter, sliding 16.43% as against Sensex's 2.26% rise.

The small-cap company has equity capital of Rs 130.49 crore. Face value per share is Rs 10.

According to reports, Dilip Shanghvi Associates has envisaged interest to buy 47% stake held by ENI in Hindustan Oil Exploration Company (HOEC). Reports further added that the ENI Group has requested HOEC board to de-classify it as a promoter. ENI Group will not be part of HOEC's future growth strategy, reports added. HOEC will seek Sebi nod on de-classification of promoters, reports suggested.

Dilip Shanghvi is the founder and managing director of Sun Pharmaceutical Industries.

HOEC reported a net loss of Rs 118.01 crore in Q3 December 2014, higher than net loss of Rs 15.03 crore in Q3 December 2013. Net sales declined 43.5% to Rs 9.61 crore in Q3 December 2014 over Q3 December 2013.

HOEC has a wholly owned subsidiary, HOEC Bardahl India, engaged in marketing of high performance fuel/engine additives.