Indian Oil gains 5% on 1:1 bonus, interim dividend of Rs 19 per share

The state-owned oil marketing company reported net profit at Rs 78.83 billion in Q3FY18 against Rs 39.95 billion in year ago quarter.

Indian Oil Corporation (IOCL) gained 5% to Rs 419 on BSE in intra-day deal after the company’s board recommended bonus shares in the ratio of 1:1 i.e. one equity share for one exiting equity share held.

The board also declared an interim dividend of Rs 19 per equity share on face value of Rs 10. It fixed February 9, 2018 as the ‘record date’ for the purpose of ascertaining the eligibility of shareholders for payment of interim dividend.

The state-owned oil marketing company has reported nearly doubled standalone net profit at Rs 78.83 billion for the quarter ended December 2017 (Q3FY18). It had profit of Rs 39.95 billion in the corresponding quarter of previous year.

Operational revenue during the quarter under review increased by 13% at Rs 1,309 billion as compared to Rs 1,156 billion in year ago quarter. The company said average gross refining margin for Q3FY18 was at $8.28 per bbl against $ 7.36 per bbl.

At 2:33 pm, the stock was trading 4.6% higher at Rs 417 against 0.65% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 14.86 million shares changed hands on BSE and NSE so far.