Net profit at oil PSU Indian Oil Corporation (IOC) rose 53 per cent to Rs 1,386 crore from Rs 904 crore for the first half of 1998-99.
Gross turnover rose 21 per cent to Rs 34,053 crore in the first half from Rs 28,019 crore last year.
In the second quarter, profit rose to Rs 796 crore from Rs 617 crore last year, a jump of over 20 per cent.
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With the phased dismantling of the Administered Pricing Mechanism beginning April 1998 IOC is trying to change itself and move further into marketing and operations which will be sharply focussed initiatives built around knowledge-driven management of human skills.
For the fiscal 1997-98 IOC maintained its position as the only company in the Fortune Global 500 listing with a ranking of 287.
The government of India has recently approved IOC's proposal for setting a up a nine million tonne grassroots refinery at Paradip in Orissa as a joint venture.
Apart from this a memorandum of understanding has been signed with Madras Refineries for co-operation in the hydrocarbon downstream sector, including a refinery project in south India as a joint venture.