Indian Oil Corporation was up 3.82% to Rs 138.65 at 14:54 IST on the BSE after net profit fell 47.35% to Rs 3596.11 crore on 0.25% increase in net sales to Rs 1,50,135.2 crore in Q1 June 2019 over Q1 June 2018.
The result was announced during market hours today, 31 July 2019.
Meanwhile, the S&P BSE Sensex was up by 25.95 points or 0.1% to 37,433.19.
On the BSE, 6.98 lakh shares were traded in the counter so far compared with average daily volumes of 4.32 lakh shares in the past two weeks. The stock had hit a high of Rs 140.3 and a low of Rs 132 so far during the day. The stock hit a 52-week high of Rs 171.55 on 2 August 2018. The stock hit a 52-week low of Rs 105.65 on 5 October 2018.
The average gross refining margin fell 54% to $4.69 bbl in Q1 June 2019 from $10.21 bbl in Q1 June 2018.
The company has accounted for budgetary support of Rs 655.92 in Q1 June 2019 as compared to Rs 1136.16 crore in Q1 June 2018, as revenue grants on sale of SKO (PDS) included in revenue from operations and no under realization is suffered by the company on this account.
Indian Oil Corporation is India's flagship national oil company with business interests straddling the entire hydrocarbon value chain - from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas, marketing of natural gas and petrochemicals.
The Government of India hold 52.18% stake in Indian Oil Corporation as of 30 June 2019.
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