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IOC Q3 net profit nearly doubles to Rs 78.83 billion, beats estimates

Shares of the company rose 3.8 percent to Rs 414.85 in a broader Mumbai market that was trading down 0.69 per cent

Reuters 

Indian Oil Corp Ltd said its third-quarter profit nearly doubled, handily beating estimates. Net profit surged 97 percent to Rs 78.83 billion ($1.24 billion) in the quarter ended December 31, from Rs 39.95 billion a year earlier. Analysts on average expected a profit of Rs 51.49 billion, Thomson Reuters Eikon data showed. Average gross refining margin improved to $8.28 per barrel in the April-December period from $7.36 per barrel in the year-ago period, the country's top refiner said on Tuesday. Shares of the company rose 3.8 percent to Rs 414.85 in a broader Mumbai ...

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First Published: Tue, January 30 2018. 15:39 IST
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