February 15, 2024 / 11:34 AM IST
Stock Market LIVE Updates | Oil India zooms 15% to new high on strong production outlook, in-line Q3 results
Shares of Oil India surged 14 percent on February 15 to hit a new high of Rs 570.50 on NSE in an otherwise volatile market on the back of robust production outlook. In the past two days, the stock of state-owned oil exploration & production company has surged around 18 percent after the company on February 13 reported its earnings for the quarter ended December 2023.
Oil India reported a marginal increase year-on-year in consolidated net profit at Rs 2,608 crore in the December quarter. The state-run oil producer’s revenue from operations came in at Rs 10,912.61 crore, up 3 percent on-year.
The company’s crude oil earnings before interest and tax (EBIT) in Q3 was Rs 1,430.38 crore, a decline of seven percent YoY. Meanwhile, EBIT from natural gas segment came in at Rs 726.69 crore, as against Rs 1,091.21 crore in the previous year.
At 11:30 am, Oil India shares were trading at Rs 573 on NSE, up 15 percent from the previous close. The stock has zoomed over 100 percent in the last one year, doubling investors’ money. In comparison, benchmark Nifty 50 rose 21 percent.
