Oil India gains 3% post Q2 results, share buyback plan

The stock was up 3% at Rs 205 on the BSE in early morning trade.

Shares of Oil India were up by 3% at Rs 205 per share on the BSE in early morning trade after the company reported a 33% year-on-year (Y-o-Y) growth in its standalone net profit at Rs 8.62 billion in September quarter (Q2FY19). The state-owned oil exploration & production firm had a profit of Rs 6.46 billion in the year-ago quarter.

The revenue from operations rose 51% Y-o-Y at Rs 37.44 billion against Rs 24.74 billion in the corresponding quarter of previous fiscal. The increase in the crude oil price has reflected in the earnings of the company.

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