Oil India stock up 5% on bonus issue plan; cut in windfall tax aids rally

The government has cut the windfall tax on petroleum to Rs 5,700 per metric ton from Rs 8,400 w.e.f from May 16. Company to consider bonus share issue on 20 May.

Shares of Oil India rallied 5 per cent to Rs 663 on the BSE in Thursday’s intra-day trade after the company said its board will consider bonus issue in forthcoming meeting on Monday, May 20. The stock of state-owned oil exploration & production (E&P) company had hit a record high of Rs 669.05 on April 3, 2024.

Earlier, on May 10, Oil India informed that its board meeting was scheduled to be held on Monday, 20th May, 2024 inter-alia, to consider and approve the audited financial results of the company for the quarter & year ended 31st March, 2024 and