Oil India hit a 52-week high this morning after the company said that its board will consider a bonus proposal next week.
Oil India Limited has announced that its board of directors will meet next Monday (November 28) to consider a proposal to issue bonus shares. The company will announce its July - September 2016 quarter results on the same day.
The Company had posted a net profit of Rs 494.41 crore for the quarter ended June 30, 2016 as compared to Rs 743.21 crore for the quarter ended June 30, 2015. In the June 2016 quarter, the company's total income decreased to Rs 2460.85 crore, from Rs 3164.12 crore for the quarter ended June 30, 2015.
In October this year, the consortium led by the company that included IOC and Bharat PetroResources Limited (a subsidiary of BPCL), had successfully completed two landmark acquisitions of producing upstream assets in Russia, acquiring 29.9% stake in LLC Taas-Yuryakh Neftegazodobycha and 23.9% stake in JSC Vankorneft from the National Oil Company of Russia, Rosneft Oil Company.
Oil India shares are currently up 4% at Rs 444.40, slightly off a 52-week high of Rs 446 it had touched a little while ago.