Shares of Oil India gain 3.56 pc on strong June qtr numbers

PTI | New Delhi | Updated: 12-08-2022 11:15 IST | Created: 12-08-2022 11:13 IST
Shares of Oil India gain 3.56 pc on strong June qtr numbers
Oil India Ltd Image Credit: Wikimedia Commons
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Shares of Oil India Ltd (OIL) gained 3.56 percent in morning trade on Friday after the nation's second-largest state explorer reported strong June quarter results.

On BSE, shares of OIL opened on a strong note at Rs 190, then gained more ground to touch Rs 194.65, registering a jump of 3.56 percent over its previous close.

The scrip surged about 3 percent to hit the day's high of 194.60 on NSE.

Oil India has reported a tripling of its net profit in the June quarter on record oil and gas price realization.

Its net profit was Rs 1,555.46 crore, or Rs 14.34 per share, in April-June compared to Rs 507.94 crore, or Rs 4.68 a share, in the same period a year back, the company said in a statement.

The earnings rose as the company got USD 112.72 per barrel price for crude oil it sold in the quarter as opposed to the USD 67.15 a barrel rate realized in the same period last year. Gas price realization more than doubled to USD 6.1 per million British thermal units from USD 1.79.

Higher crude oil and natural gas prices stem from the rally in international oil prices that followed Russia's invasion of Ukraine.

Turnover nearly doubled to Rs 6,029.86 crore in the first quarter of the current fiscal year that began on April 1.

The earnings were also aided by a 4 percent rise in crude oil production at 0.78 million tonnes and an 8 percent rise in gas output at 771 million standard cubic meters.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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