Oil India drops after weak Q4 results

Oil India fell 2.98% to Rs 562 at 12:03 IST on BSE after net profit declined 26% to Rs 565.62 crore on 23.2% fall in net sales to Rs 1825.22 crore in Q4 March 2014 over Q4 March 2013.

The result was announced after market hours on Tuesday, 27 May 2014.

Meanwhile, the S&P BSE Sensex was down 5.41 points or 0.02% at 24,544.10

On BSE, so far 48,297 shares were traded in the counter as against average daily volume of 58,054 shares in the past one quarter.

The stock hit a high of Rs 569.95 and a low of Rs 560 so far during the day. The stock had hit a 52-week high of Rs 632.80 on 22 May 2014. The stock had hit a 52-week low of Rs 415 on 29 August 2013.

The stock had outperformed the market over the past one month till 27 May 2014, rising 17.02% compared with 8.2% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 31.33% as against Sensex's 16.97% rise.

The large-cap company has equity capital of Rs 601.13 crore. Face value per share is Rs 10.

On consolidated basis, Oil India's net profit declined 18.09% to Rs 2941.98 crore on 2.53% fall in total income from operations (net) to Rs 9715.71 crore in the year ended 31 March 2014 over the year ended 31 March 2013.

Oil India's board of directors at its meeting held on Tuesday, 27 May 2014, recommended final dividend of Rs 0.50 per share for the financial year ended 31 March 2014. During the year, the company had already paid an interim dividend of Rs 21 per share.

Oil India is a public sector oil and gas company under the administrative control of the Ministry of Petroleum and Natural Gas, Government of India (GoI). The company is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of liquid petroleum gas. The GoI holds 67.64% stake in Oil India (as per the shareholding pattern as on 31 March 2014).

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