IOC shares up over 4 pc on smart Q3 show

Shares of Indian Oil Corp (IOC) today rose by over 4 per cent after the company reported near doubling of its third quarter's net profit.
The stock gained 4.23 per cent to close at Rs 415.60 on BSE. During the day, it went up by 5.81 per cent to Rs 421.95.
On NSE, shares of the company jumped 4.15 per cent to end at Rs 416.25.
IOC today reported near doubling of third quarter net profit to Rs 7,883 crore on back of higher refining margins and inventory gains.
IOC Chairman Sanjiv Singh said the company board at its meeting today approved a 1:1 bonus share.

Net profit in the third quarter of last fiscal was Rs 3,995 crore.
The company made an inventory gain of Rs 6,301 crore in October-December as compared to Rs 3,051 crore in same period of the last fiscal.