Oil India nudges higher after making new hydrocarbon discoveries

Oil India rose 0.75% to Rs 375 at 9:18 IST on BSE after the company said that it has made two hydrocarbon discoveries in the Dumduma Petroleum Mining Lease in the upper Assam basin during the second and third quarter FY 2018.

Both these discoveries will help in enhancing the oil & gas production with future appraisal & development activities.

The announcement was made after market hours on Friday, 29 December 2017.

Meanwhile, the S&P BSE Sensex was up 13.60 points, or 0.04%, to 34,070.43.

On the BSE, 754 shares were traded in the counter so far, compared with average daily volume of 30,653 shares in the past one quarter. The stock had hit a high of Rs 375 and a low of Rs 372 so far during the day. The stock had hit a 52-week high of Rs 383.40 on 7 November 2017. The stock had hit a 52-week low of Rs 258 on 3 July 2017.

The large-cap psu company has equity capital of Rs 756.60 crore. Face value per share is Rs 10.

Oil India's net profit rose 11.3% to Rs 645.97 crore on 6.1% rise in net sales to Rs 2473.74 crore in Q2 September 2017 over Q2 September 2016.

The Government of India held 66.13% stake in Oil India as per the shareholding pattern as on 30 September 2017.

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