Indian Oil Corporation shares rise nearly 3% ahead of Q2 results

At 1:08 PM, Indian Oil Corporation shares were trading 2.78% higher at ₹154.55 per equity share on the National Stock Exchange (NSE). The gains came as investors turn their focus to the oil marketing companies (OMCs), with gross refining margins (GRMs) showing a sharp improvement in recent days.

Reports suggested that in the last ten days, GRMs have increased sharply from $0.41 per barrel to $8.6 per barrel, benefiting refiners such as Chennai Petroleum, MRPL, IOCL, BPCL, and HPCL.

Last week, oil and gas stocks were also in the spotlight amid a rally in global crude prices. The NIFTY Oil & Gas index gained supported by gains in ONGC, Petronet LNG, Gujarat Gas and Oil India.

In the international market, the crude oil benchmarks WTI crude and Brent jumped more than 5% on Thursday as after US imposed sanctions on Russia's two biggest oil companies over the war in Ukraine.

US President Donald Trump's administration announced on Wednesday, October 22 new "massive sanctions" against Russia's oil industry that are aimed at “moving Russian President Vladimir Putin to the negotiating table and bringing an end to Moscow's brutal war in Ukraine.”

"The sanctions against oil giants Rosneft and Lukoil followed months of calls from Ukrainian President Volodymyr Zelenskyy as well as bipartisan pressure on Trump to hit Russia with harder sanctions on its oil industry, the economic engine that has allowed Russia to continue to execute the grinding conflict even as it finds itself largely internationally isolated," said a report by AP.

The US sanctions prompted Chinese state oil majors to suspend Russian oil purchases in the short term, trade sources told Reuters. Refiners in India, the largest buyer of seaborne Russian oil, are set to sharply cut their crude imports, Reuters reported, quoting industry sources.

Indian Oil Corporation share price

Over the past five trading sessions, shares of Indian Oil Corporation have inched up 0.08% and gained 3.51% in the past month. In the last six months, the stock has advanced 13.23%, and it remains up 12.78% year-to-date.

The shares hit a 52-week high of ₹157.20 on October 9, 2025, and a 52-week low of ₹110.72 on March 3, 2025. As of October 27, the company's market capitalisation stood at ₹2,17,777.74 crore.