Oil India hits new high, surges 15% in 2 days on strong production outlook

Oil India's earnings growth over the next 3-5 years is likely to be aided by expansion of Numaligarh Refinery Limited (NRL).

Shares of Oil India hit a new high of Rs 539.40, soaring 8 per cent on the BSE in Thursday’s intra-day trade in an otherwise volatile market on the back of robust production outlook.

In past two days, the stock of state-owned oil exploration & production company has surged 15 per cent after the company reported its December quarter (Q3FY24) earnings on Tuesday post market hours. It surpassed its previous high of Rs 524.60 touched on February 9. In comparison, the S&P BSE Sensex was down 0.07 per cent at 71,769 at 10:06 am.

On the operational front, Oil India achieved a