Oil India inches up after Q3 results

Oil India rose 0.54% to Rs 458 at 13:50 IST on BSE after 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 Q3 result was announced during trading hours today, 12 February 2014.

Meanwhile, the S&P BSE Sensex was up 93.42 points or 0.46% at 20,456.79.

On BSE, so far 16,000 shares were traded in the counter as against average daily volume of 43,007 shares in the past one quarter.

The stock hit a high of Rs 461 and a low of Rs 454.50 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 415 on 29 August 2013.

The stock had underperformed the market over the past one month till 11 February 2014, sliding 2.19% compared with the Sensex's 1.9% fall. The scrip had also underperformed the market in past one quarter, declining 0.76% as against Sensex's 0.62% fall.

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

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 said that recoverability of dues of Rs 105.13 crore as on 31 December 2013 from Suntera Nigeria 205 in which the company is having 25% interest in equity along with Suntera Resources (50%) and India Oil Corporation (25%) is dependent upon its ability to continue as a going concern with the support of its shareholding companies. This loan is however due for repayment on 31 December 2014 only, Oil India said. Accordingly, no provision has been created in accounts as on 31 December 2013, the company added.

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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