Oil India gains in early deals:6-Oct-2016

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Oil India gained 1 percent to Rs 414.95 on BSE after the company announced that the company led Indian consortium successfully completed two landmark acquisitions in Russia.

The announcement was made after market hours yesterday, 5 October 2016.

Meanwhile, the S&P BSE Sensex was up 20.29 points or 0.07 percent at 28,241.27.

On BSE, so far 2,874 shares were traded in the counter as against average daily volume of 86,479 shares in the past one quarter. The stock hit a high of Rs 416.60 and a low of Rs 412.80 so far during the day. The stock had hit a 52-week high of Rs 466.70 on 9 October 2015.

The stock had hit a record low of Rs 300.50 on 1 March 2016. The stock had outperformed the market over the past one month till 5 October 2016, advancing 6.53 percent compared with 1.09 percent fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 10.09 percent as against Sensex’s 3.88 percent rise.

The large-cap company has equity capital of Rs 601.14 crore. Face value per share is Rs 10.

The Indian consortium led by Oil India including Indian Oil Corporation (IOCL) and Bharat PetroResources (BPRL), a 100 percent subsidiary of BPCL have successfully completed two landmark acquisitions of producing upstream assets in Russia. The consortium acquired 29.9 percent stake in LLC Taas-Yuryakh Neftegazodobycha (Taas Yuryakh) and 23.9 percent stake in JSC Vankorneft (Vankorneft) from Rosneft Oil Company, the national oil
company of Russia.

Shares of IOCL were up 1.88 percent at Rs 627.50. The company announced after market hours yesterday, 5 October 2016 that it has fixed 19 October 2016 as the record date for 1:1 bonus issue.

BPCL was up 0.93 percent at Rs 654.10.

Oil India’s net profit fell 33.5 percent to Rs 494.41 crore on 22.4 percent decline in net sales to Rs 2133.31 crore in Q1 June 2016 over Q1 June 2015.

The Government of India held 67.64 percent stake in Oil India as per the shareholding pattern as on 30 June 2016.

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