Oil India drops amid volatility ahead of board meet to consider interim dividend

Oil India lost 0.55% to Rs 477.20 at 12:30 IST on BSE after the company said its board of directors will meet on 21 March 2014, inter alia, to consider the declaration of second interim dividend for the year ending 31 March 2014.

The announcement was made after market hours on Thursday, 13 March 2014.

Meanwhile, the S&P BSE Sensex was down 172 points or 0.79% at 21,602.61.

On BSE, so far 14,000 shares were traded in the counter as against average daily volume of 44,000 shares in the past two weeks.

The stock was volatile. The stock lost as much as 0.58% at the day's low of Rs 477.05 so far during the day. The stock rose as much as 0.89% at the day's high of Rs 484.15 so far during the day.

Oil India has set 27 March 2014 as the record date for the purpose of payment of the second interim dividend for the year ending 31 March 2014.

Oil India's net profit declined 3.97% to Rs 902.96 crore on 5.37% growth in total income to Rs 3052.37 crore in Q3 December 2013 over Q3 December 2012.

The impact on Oil India's net sales due to price discounts allowed to downstream oil companies stood at Rs 2173.48 crore in Q3 December 2013, up from Rs 1948.76 crore in Q3 December 2012.

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 31 December 2013).

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