Indian Oil shares rise after Reuters reveals refiner near first Mauritius fuels export deal

Reuters was first to report that Indian Oil Corp (IOC) is close to winning its first contract to export up to 720,000 tonnes of refined fuels to Mauritius under an annual deal from November. IOC mostly stays away from participating in term tenders for fuel exports as it sells most of its fuel in the local market. This year, the company is attempting to lock in sales of its fuels as local fuel demand is hit by COVID-19 and refining margins are weak.