Oil India inches up on pact with PetroNeft Resources Plc

Oil India rose 0.72% to Rs 481.20 at 14:28 IST on BSE after the company said it has entered into an agreement with PetroNeft Resources Plc, in respect of 50% non-operating interest in License 61, Tomsk Oblast, Russian Federation.

The announcement was made on Friday, 18 April 2014. The stock market was closed on that day, on account of Good Friday.

Meanwhile, the S&P BSE Sensex was up 139.38 points or 0.62% at 22,768.22.

On BSE, so far 28,000 shares were traded in the counter as against average daily volume of 37,900 shares in the past one quarter.

The stock hit a high of Rs 483.85 and a low of Rs 478 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 17 April 2014, sliding 0.67% compared with the Sensex's 3.76% rise. The scrip had also underperformed the market in past one quarter, advancing 1.28% as against Sensex's 7.43% rise.

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

Oil India said it has entered into an agreement with PetroNeft Resources Plc, a Company Registered in Ireland, in respect of 50% non-operating interest in License 61, Tomsk Oblast, Russian Federation with a total investment of up to $85 million.

Oil India's net profit declined 4% to Rs 902.96 crore on 8% growth in net sales to Rs 2606.98 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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