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Oil India gains after OFS receives strong response

Capital Market/ 10:38 , Feb 04, 2013

Oil India rose 1.80% to Rs 535 at 10:38 IST on BSE as the government's Offer for Sale for divestment of 10% stake received strong investor response on Friday, 1 February 2013.

Meanwhile, the BSE Sensex was up 87.23 points, or 0.44%, to 19,868.42.

On BSE, 1.21 lakh shares were traded in the counter as against an average daily volume of 41,568 shares in the past one quarter.

The stock hit a high of Rs 542 and a low of Rs 531.50 so far during the day. The stock had hit a 52-week high of Rs 617.40 on 18 January 2013. The stock had hit a 52-week low of Rs 431 on 16 May 2012.

The stock had outperformed the market over the past one month till 1 February 2013, rising 12.54% compared with the Sensex's 1.02% rise. The scrip had also outperformed the market in past one quarter, gaining 9.84% as against Sensex's 6.57% rise.

The large-cap company has an equity capital of Rs 601.13 crore. Face value per share is Rs 10.

The Offer for Sale (OFS) got bids for 15.41 crore shares, much higher than a total of 6.01 crore shares put on the block by the government. Following the successful completion of the divestment, Government of India's stake in Oil India has declined to 68.43% from 78.43%.

Oil India's net profit fell 16.2% to Rs 954.57 crore on 26.1% decline in net sales to Rs 2401.72 crore in Q2 September 2012 over Q2 September 2011.


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