Oil India gains after signing JV agreement for North-East gas grid pipeline

Oil India rose 1.31% to Rs 209 at 9:21 IST on BSE after the company said it signed a joint venture pact for construction of grid pipelines in eight North-East states.

The announcement was made after market hours yesterday, 24 July 2018.

Meanwhile, the S&P BSE Sensex was up 38.86 points, or 0.11% to 36,863.96.

On the BSE, 364 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 209.70 and a low of Rs 208.35 so far during the day. The stock hit a 52-week high of Rs 259.36 on 12 January 2018. The stock hit a 52-week low of Rs 181.29 on 22 August 2017.

Oil India said it has signed a joint venture (JV) agreement at Guwahati on 20 July 2018 in connection with formation of a JV company for construction of North-East gas grid pipeline in the eight North-Eastern states, viz. Assam, Arunachal Pradesh, Meghalaya, Manipur, Mizoram, Nagaland, Tripura and Sikkim. The proposed JV company will have equal equity contribution from all the five PSU JV partners.

Oil India reported net profit of Rs 866.50 crore in Q4 March 2018, steeply higher than net profit of Rs 19.31 crore in Q4 March 2017. Net sales rose 19.4% to Rs 2998.44 crore in Q4 March 2018 over Q4 March 2017.

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. Oil India also provides various E&P related services and holds 26% equity in Numaligarh Refinery.

The Government of India held 66.133% stake in Oil India as per the shareholding pattern as on 30 June 2018.

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