Oil India shares gain despite weak June quarter result

Shares of Oil India rose nearly 4 per cent today even as the company's standalone net profit dropped 33.47 per cent in the quarter ended June 30, 2016.
The stock after a positive opening further gained 3.27 per cent to Rs 402 on BSE.
At NSE, shares of the company rose 3.72 per cent to Rs 402.
State-run Oil India's standalone net profit dropped 33.47 per cent to Rs 494.41 crore in the quarter ended June 30, compared to the same period last fiscal.
The oil PSU had reported a net profit of Rs 743.21 crore in the year-ago period.

Total income fell to Rs 2,460.85 crore for the quarter under review from Rs 3,164.12 crore in the year-ago quarter, Oil India said in a BSE filing yesterday.
Company's revenue from crude oil came down to Rs 1,605.35 crore in the first quarter of this fiscal from Rs 2,195.36 crore in the year-ago period.