Oil India added 1.71% to Rs 630.80 after the company said that its board will meet on Monday, 20 May 2024, to consider a proposal for issue of bonus shares to the shareholders of the company.
At the same meeting, the board will also consider and approve the audited financial results of the company for the quarter & the year ended on 31 March 2024.
Oil India is a state-owned Maharatna under the administrative control of India's Ministry of Petroleum and Natural Gas. As of 31 March 2024, the Government of India held 56.66% stake in the company.
The company reported a standalone net profit of Rs 1,584.28 in Q3 FY24, steeply higher than Rs 325.31 crore posted in Q2 FY24. Revenue from operations declined marginally to Rs 5,323.74 crore in Q3 FY24 as against Rs 5342.36 crore reported in Q2 FY24.
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