Hindustan Oil Exploration Company (HOEC) is on the go today! The stock which had closed yesterday at Rs.28.70, opened today at Rs.30.30 and went on to an intra day high at Rs.31.65 and it currently remains around the same levels, over 9% up. Some four lakh shares have changed hands this morning.

The stock price has surged because the company ‘showed’ a turnaround for Q3FY16 with a net profit at Rs.4 crore v/s a loss of Rs.118 crore (YoY). This was despite a 38% drop in net sales at Rs.6 crore and this was on account of the slump in international oil prices.