Tuesday was the final date for these. The technical bids would be opened between Thursday and the week after.

Though the producer group did not specify the increase, it may be in the range of 1 million barrels per day (bpd), or 1 per cent of the global supply.

The plant has been proposed in Gorakhpur, the pocket borough of chief minister Yogi Adityanath, who is keenly following up on the project.

At 11:39 am; HPCL (up 6% at Rs 323), IOCL (5% at Rs 176) and BPCL (3% at Rs 424) were up in the range of 3% to 6% on the BSE, as compared to 0.07% decline in the S&P BSE Sensex.

In a regulatory filing, IOC said, "Vivek Rae, independent director, has ceased to be a director on the board of IOC with effect from June 4, 2018, consequent upon his resignation on June 3, 2018."

Saturday marked the fourth day of meagre price reduction after prices were raised daily since 14 May following a hold during the Karnataka assembly election campaign.

Indian Oil Corporation, which has for decades been India's biggest company by turnover, last week posted a record net profit of Rs 21,346 crore in the fiscal year ended March 31, 2018 (FY 2017-18), up 12 per cent from Rs 19,106 crore in the last fiscal.

Gaining for the third day, the Sensex ended at 35,165.5, up 241 points, or 0.7 per cent. The Nifty rose 83.5 points, or 0.8 per cent, to 10.688.7. Both the indices have rebounded 2.5 per cent in the last three trading sessions. In the preceding week, they had dropped 3.4 per cent each amid a sharp uptick in oil prices and drop in the rupee’s value against the dollar.

IOC’s turnover rose to Rs1.36 trillion in the fourth quarter of 2018 from Rs1.24 trillion in the year-ago period.