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Oil India board to consider bonus issue of shares in upcoming board meeting

Upstox

2 min read | Updated on May 15, 2024, 17:18 IST

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SUMMARY

Oil India’s announcement comes after HPCL and BPCL declared bonus issues in the ratio of 1:2 and 1:1, respectively. The company on Tuesday announced that liquidated damage at the construction of the effluent treatment plant (ETP) at Tengakhat, Dibrugarh, has been recovered.

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Oil India board to consider bonus issue of shares in upcoming board meeting

Oil India on Wednesday announced that its board of directors may consider a proposal to issue bonus shares at the upcoming board meeting scheduled for May 20, 2024. Following the announcement, shares of the firm were trading over 1.5% higher on Wednesday.

Oil India had previously announced a bonus issue in the ratio of 1:2 in February 2018. A bonus issue is an additional share or shares given by the company to its existing shareholders. Oil India’s announcement comes after HPCL and BPCL declared bonus issues in the ratio of 1:2 and 1:1, respectively.

The company on Tuesday announced that liquidated damage at the construction of the effluent treatment plant (ETP) at Tengakhat, Dibrugarh, has been recovered. The firm also stated that it has completed the Baghjan Madhuban Pipeline project on time and its connection to the national gas grid will be completed in line with the North-East Hydrocarbon Vision 2030.

Oil India said the company is making efforts to complete the Nadua-Khagarijan oil collecting station (OCS) and Baghjan group gathering station (GGS) projects by December 2024. The company also announced its decision to develop Dulijan as a SMART city and said it has taken the necessary initiatives for it.

Oil India recorded a 9.24% year-on-year (YoY) decline in its net profit of ₹1,584 crore in the third quarter of fiscal year 2024 (FY24). The standalone revenue from operations during the period fell by 1.04% YoY to ₹5,815 crore. The earnings per share (EPS) for the quarter came in at ₹14.61 as compared to ₹16.1 in the same period of the previous fiscal.

On a segmental basis, crude oil revenue rose 6% YoY to ₹4,213 crore during the quarter. Natural gas revenues fell 15% to ₹1,410 crore while liquefied petroleum gas revenue dipped 15% to ₹41 crore during the quarter.

Shares of the company have risen by nearly 66.40% since the beginning of the year. The stock has gained over 144.06% in the last one year.

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