Oil India Shares Surge 14% on Robust Production Outlook

15 Feb 2024 , 02:37 PM

Oil India shares surged by 14% on February 15, reaching a new high of  ₹570.50 on the NSE. The surge was attributed to a robust production outlook, leading to an 18% increase in the stock following the Q3 earnings report on February 13.

In the third quarter, Oil India reported a slight YoY increase in consolidated net profit to  ₹2,608 Crore. Revenue from operations rose by 3%, reaching  ₹10,912.61 Crore.

Crude oil earnings before interest and tax (EBIT) in Q3 was  ₹1,430.38 Crore, showing a 7% decline YoY. EBIT from the natural gas segment stood at  ₹726.69 Crore, compared to  ₹1,091.21 Crore a year earlier.

At the time of writing, Oil India shares traded at  ₹562.50 on the NSE, reflecting a 12.76% increase from the previous close. Over the last year, Oil India’s stock has risen over 100%, doubling investors’ money, outpacing the benchmark Nifty 50’s 21% increase.

Oil India Limited (OIL) is a central public sector undertaking involved in the exploration, development, and production of crude oil and natural gas, with Maharatna status.

Oil India has a rich history dating back to the discovery of crude oil in India in 1889, with operations now spanning over 9 locations globally. Recently, OIL acquired a majority stake in Numaligarh Refinery Limited, making it a subsidiary of OIL and contributing to its Maharatna status.

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