Oil India gains 3% on bonus issue, dividend bounty

Oil India is trading higher by 3% at Rs 1,361 on announcing issue of bonus shares in the ratio of 3:2, i.e. three equity shares of Rs 10 each fully paid up for every two existing equity share of Rs 10 each fully paid up.

“The board of directors of the company at its meeting held on February 11, 2012, has declared second interim dividend of 100% or Rs 10 per share of face value Rs 10 paid up for the financial year 2011-12.

The credit/dispatch of the bonus shares would be completed by April 10, 2012,” the state-owned oil exploration company said in a filing to the stock exchanges.

Meanwhile, the company has posted a 12% year-on-year (yoy) growth in net profit at Rs 1,014 crore for the third quarter ended December, compared to Rs 908 crore in the corresponding quarter of previous year. Total income grew single digit 8% at Rs 2,965 crore on yoy basis.

A combined around 50,000 shares have changed hands on the counter in opening deals.