Indian Oil Corp rises on bonus issue proposal

Indian Oil Corporation rose 2.34% to Rs 391.35 at 10:54 IST on BSE after the company said that its board may consider bonus issue of shares along with its announcement of Q3 December 2017 results in a meeting scheduled on 30 January 2018.

The announcement was made after market hours yesterday, 22 January 2018.

Meanwhile, the S&P BSE Sensex was up 235.25 points or 0.66% at 36,033.26.

On the BSE, 2.60 lakh shares were traded on the counter so far as against average daily volumes of 2.92 lakh shares in the past one quarter. The stock had hit a high of Rs 398.50 and a low of Rs 389.50 so far during the day. The stock had hit a record high of Rs 462.60 on 31 August 2017 and a 52-week low of Rs 350.60 on 20 January 2017.

The large-cap company has equity capital of Rs 4855.90 crore. Face value per share is Rs 10.

Indian Oil Corporation's (IOCL) net profit rose 18.4% to Rs 3696.29 crore on 12.7% growth in net sales to Rs 90566.72 crore in Q2 September 2017 over Q2 September 2016.

IOCL is India's flagship national oil company, with business interests that straddle the entire hydrocarbon value chain - from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas as well as marketing of natural gas and petrochemicals. The Government of India held 56.98% stake in IOCL (as per the shareholding pattern as on 31 December 2017).

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