Oil India shrugs off weak Q1 results

Oil India was up 1.59% to Rs 395.45 at 10:01 IST on BSE after net profit fell 33.5% to Rs 494.41 crore on 22.4% decline in net sales to Rs 2133.31 crore in Q1 June 2016 over Q1 June 2015.

The result was announced after market hours yesterday, 6 September 2016.

Meanwhile, the S&P BSE Sensex was down 30.18 points or 0.1% at 28,947.84.

On BSE, so far 75,000 shares were traded in the counter as against average daily volume of 59,147 shares in the past one quarter. The stock hit a high of Rs 402 and a low of Rs 387.95 so far during the day. The stock had hit a 52-week high of Rs 466.70 on 9 October 2015. The stock had hit a record low of Rs 300.50 on 1 March 2016. The stock had outperformed the market over the past one month till 6 September 2016, advancing 3.84% compared with 3.2% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 10.82% as against Sensex's 8.22% rise.

The large-cap company has equity capital of Rs 601.14 crore. Face value per share is Rs 10.

Oil India has provided nil discount towards under-recoveries of downstream public sector oil marketing companies in Q1 June 2016 as against a discount of Rs 167.43 crore in Q1 June 2015.

The Government of India holds 67.64% stake in the state-run oil exploration firm as per the shareholding pattern as on 30 June 2016.

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