HOEC temporarily suspends operations at PY-1 field

The field will resume operations once the Covid-19 situation situation in Tamil Nadu is improved.Hindustan Oil Exploration Company (HOEC) has temporarily suspended operations at PY-1 field from 3 July 2020 considering the Covid-19 situation in Tamil Nadu. The precautionary measure is for ensuring the safety of employees.

PY-1 field is in the offshore part of the Cauvery Basin. The field will resume its operations once the situation is improved, the oil & gas exploration and production firm said in a statement.

Shares of HOEC slipped 1.80% to Rs 65.35 on BSE on Friday, 3 July 2020. On the technical front, the stock’s RSI (relative strength index) stood at 55.403 on Friday, 3 July 2020. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at 53.28 and its 200-day moving average (DMA) placed at 76.48. HOEC’s consolidated net profit tanked 76.5% to Rs 11.58 crore on a 56.7% decline in net sales to Rs 33.50 crore in Q4 March 2020 over Q4 March 2019.