Oil India drops amid volatility after poor Q1 results

Oil India lost 1.17% to Rs 472.80 at 15:06 IST on BSE after net profit fell 34.5% to Rs 609.08 crore on 12.68% decline in total income to Rs 2449.43 crore in Q1 June 2013 over Q1 June 2012.

The Q1 result was announced during trading hours today, 13 August 2013.

Meanwhile, the S&P BSE Sensex was up 289.30 points or 1.53% at 19,236.28.

On BSE, 55,000 shares were traded in the counter as against average daily volume of 47,485 shares in the past one quarter.

The stock was volatile. The stock lost as much as 2.13% at the day's low of Rs 468.20 so far during the day. The stock rose as much as 3.99% at the day's high of Rs 497.50 so far during the day. The stock had hit a 52-week high of Rs 629.70 on 31 May 2013. The stock had hit a 52-week low of Rs 432 on 14 December 2012.

The stock had underperformed the market over the past one month till 12 August 2013, sliding 10.7% compared with the Sensex's 5.07% fall. The scrip had also underperformed the market in past one quarter, declining 14.33% as against Sensex's 5.84% fall.

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

Oil India's subsidy sharing burden declined 1.66% to Rs 1982.06 crore in Q1 June 2013 over Q1 June 2012. Oil India shares the under recoveries of state-run oil marketing companies (PSU OMCs) by allowing discount in the prices of crude oil and and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum and Natural Gas and the Petroleum Planning and Analysis Cell.

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 68.43% stake in Oil India (as per the shareholding pattern as on 30 June 2013).

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