Meanwhile, the S&P BSE Sensex was up 127.64 points, or 0.40% to 31,723.70.

On the BSE, 4.48 lakh shares were traded in the counter so far, compared with average daily volumes of 1.22 lakh shares in the past one quarter. The stock had hit a high of Rs 82.20 and a low of Rs 77 so far during the day. The stock hit a 52-week high of Rs 89.30 on 13 April 2017. The stock hit a 52-week low of Rs 48.30 on 29 August 2016.

The stock had underperformed the market over the past one month till 24 August 2017, falling 4.26% compared with 2.43% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 1.33% as against Sensex's 1.83% rise. The scrip had outperformed the market in past one year, rising 43.66% as against Sensex's 13.51% rise.

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

Hindustan Oil Exploration Company (HOEC) announced the grant of petroleum mining lease to Dirok field on 25 August 2017 and the commencement of commercial production from the field forthwith. On successful testing and completion of the sixth well, all the six wells in the field are ready to hook up for production.

The company said it expects the initial production to be about 10 million standard cubic feet per day (mmscfd) and will be ramped up to full capacity over the next six months with the commissioning of modular gas processing plant.

Dirok field, located in Tinsukia District of Assam, has been developed in a record time of 27 months, by the joint venture (JV) consisting of Oil India, Indian Oil Corporation (IOC) and HOEC, with HOEC as the Operator.

Oil India will buy the gas at the price fixed by the government based on a basket of international gas market prices, which will be revised once in six months. IOC will buy the condensate at a price equivalent to the price of a bench marked crude oil.

Planning for success, the company is building facilities that can deliver 36 million standard cubic feet of gas (equivalent to 1 million standard cubic meters per day) and over 1000 barrels of condensate per day, nearly doubling our initial estimated volume of 20 mmscfd stated in the approved field development plan (FDP).

Net profit of HOEC declined 68.28% to Rs 2.94 crore on 38% decline in net sales to Rs 3.72 crore in Q1 June 2017 over Q1 June 2016.

HOEC is an oil and gas company.