Oil India rose 1.39% to Rs 237.05 on approving an investment in its subsidiary company, Numaligarh Refinery for the implementation of petrochemical project & its associated facilities in Assam at an estimated capital cost of Rs 6,555 crore.
In addition to the above, Oil India has also entered into a joint venture with Assam Gas Company (AGCL) and for the three geographical areas offered by Petroleum and Natural Gas Regulatory Board [PNGRB] under 11th Round of City Gas Distribulion [CGD] bidding.
Oil India's standalone net profit jumped 37.75% to Rs 1,244.90 crore on a 76.05% surge in revenue from operations to Rs 3,736.70 crore in Q3 FY22 over Q3 FY21.
Oil India is a state-owned Navratna under the administrative control of India's Ministry of Petroleum and Natural Gas. As of 31 December 2021, the Government of India held 56.66% stake in Oil India.
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