Oil India gains after setting record date for bonus issue

Oil India rose 1.12% to Rs 333.30 at 9:45 IST on BSE after the company said it has fixed 29 March 2018 as the record date for issue of bonus shares in the ratio of 1:2.

The announcement was made after market hours yesterday, 13 March 2018.

Meanwhile, the S&P BSE Sensex was down 140.21 points, or 0.41% to 33,716.57.

On the BSE, 7,647 shares were traded in the counter so far compared with average daily volumes of 29,000 shares in the past two weeks. The stock had hit a high of Rs 335.55 and a low of Rs 328.50 so far during the day. The stock hit a 52-week high of Rs 388.85 on 12 Janaury 2018. The stock hit a record low of Rs 258 on 3 July 2017.

Oil India announced that it has fixed Thursday, 29 March 2018, as the record date for the purpose of ascertaining the eligibility of shareholders for issue of bonus shares in the ratio of 1:2 i.e. one bonus equity share of Rs 10 each for every two existing fully paid up equity shares of Rs 10 each subject to the approval of shareholders for issuance of bonus shares.

Net profit of Oil India rose 55.10% to Rs 705.22 crore on 16.62% rise in net sales to Rs 2852.55 crore in Q3 December 2017 over Q3 December 2016.

Oil India is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. It also provides various E&P related services and holds 26% equity in Numaligarh Refinery.

The Government of India held 66.13% stake in Oil India as per the shareholding pattern as on 31 December 2017.

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