Oil India rises despite weak Q1 results

Oil India was up 1.59% to Rs 395.45 at 10:01 on the BSE after net profit fell 33.5% to Rs 494.41 crore on 22.4% decline in net sales to Rs 2133.31 crore in Q1 June 2016 over Q1 June 2015.

On BSE, so far 75,000 shares were traded in the counter as against average daily volume of 59,147 shares in the past one quarter. The stock hit a high of Rs 402 and a low of Rs 387.95 so far during the day. The stock had hit a 52-week high of Rs 466.70 on 9 October 2015.

The stock had hit a record low of Rs 300.50 on 1 March 2016. The stock had outperformed the market over the past one month till 6 September 2016, advancing 3.84% compared with 3.2% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 10.82% as against Sensex's 8.22% rise.

The large-cap company has equity capital of Rs 601.14 crore. Face value per share is Rs 10.

Oil India has provided nil discount towards under-recoveries of downstream public sector oil marketing companies in Q1 June 2016 as against a discount of Rs 167.43 crore in Q1 June 2015.

The Government of India holds 67.64% stake in the state-run oil exploration firm as per the shareholding pattern as on 30 June 2016.