Oil India hits 15-month high

The company has fixed January 13, as the record date for 1:3 bonus issue.

Oil India has moved higher to its 15-month high of Rs 461, up 2.3% on the BSE in intra-day trade in an otherwise weak market.

The stock of oil exploration & production firm was trading at its highest level since October 8, 2015. At 11:05 am; the S&P BSE Sensex was down 0.56% or 150 points at 26,477.

Oil India has fixed January 13, 2017 as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the ratio of 1:3 (i.e. 1 bonus equity shares of Rs 10 each for every 3 existing fully paid up equity share of Rs 10 each. The stock will turn ex-bonus on January 12, 2017.

In past two-months, Oil India has outperformed the market by gaining 11% as compared to 3.8% decline in the benchmark index. A sharp recovery in crude oil prices also lead rally in the stock.

At 11:34 am; it was up 2% at Rs 460 against 0.52% decline in the benchmark index. A combined 244,608 shares changed hands on the counter on BSE and NSE.