Oil India fell 0.11% to Rs 328.70 at 11:37 IST on BSE, with the stock reversing intraday gains triggered by the company announcing two hydrocarbon discoveries in the Moran Petroleum Mining Lease in the Upper Assam basin.
The announcement was made after market hours yesterday, 2 May 2017.Meanwhile, the S&P BSE Sensex was down 16.96 points, or 0.06%, to 29,904.22.
On BSE, so far 17,000 shares were traded in the counter, compared with average daily volume of 49,543 shares in the past one quarter. The stock was off day's high. The stock hit a high of Rs 333.65 and a low of Rs 328.05 so far during the day. The stock hit a 52-week high of Rs 367.43 on 11 January 2017. The stock hit a 52-week low of Rs 239.81 on 5 May 2016.
The large-cap company has equity capital of Rs 801.51 crore. Face value per share is Rs 10.
Oil India through its exploratory efforts has made two hydrocarbon discoveries in the Moran Petroleum Mining Lease (PML) in the Upper Assam basin in the month of April 2017 in the wells Borbhuibil-1 and Lakwagaon-1. The feasibility of bringing the discovery on production at the well Borbhuibil-1 at the earliest is under study. The Lakwagaon-1 well is currently on production. The discoveries have opened up avenue for further exploration of already identified leads / prospects in the area, Oil India said.
Oil India's net profit rose 18.82% to Rs 454.69 crore on 7.1% rise in net sales to Rs 2376.37 crore in Q3 December 2016 over Q3 December 2015.
Oil India is a premier oil company engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. The company also provides various E&P related services and holds 26% equity in Numaligarh Refinery.
The Government of India held 66.6% stake in Oil India as per the shareholding pattern as on 31 March 2017.
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