Oil India shares surged over 3 per cent on Wednesday despite the company reporting 33.48 per cent fall in its net profit at Rs 494.41 crore for the quarter ended June 30, 2016 in comparison to Rs 743.21 crore for the same quarter in the previous year. The company’s total income decreased by 22.23 per cent to Rs 2460.85 crore for the quarter under review from Rs 3164.12 crore for the corresponding quarter of the previous year.
At 3.10 pm, Oil India share price was trading 1.72 per cent up at Rs 395.95. The scrip opened at Rs 395 and touched a high and low of Rs 402 and Rs 387.95, respectively. Later, the scrip settled 1.18 per cent up at Rs 393.85.
The BSE group ‘A’ stock of face value Rs 10 has touched a 52-week-high of Rs 466.70 on Oct 9, 2015 and a 52-week-low of Rs 300.50 on Mar 1, 2016.
While announcing its first quarter results, the company said its revenue from crude oil came down to Rs 1,605.35 crore in the first quarter of this fiscal from Rs 2,195.36 crore in the year-ago period. Brokerage houses have
However, brokerage houses have said that the earnings for June quarter of the company are in line with estimates. While mainating ‘Accumulate’ rating with price target of Rs 377, Prabhudas Lilladher said “Crude oil revenues were at Rs 16 bn due to weak crude prices. Crude oil prices have recovered smartly off February 2016 lows and this is reflected in sequentially higher realisation for Oil India in Q1.”