Indian Oil Corporation shares surged by 6.5 per cent today after the company's net profit in October-December quarter came in at Rs 3,056.86 crore against a net loss of Rs 2,636.80 crore in the corresponding period.
The stock settled at Rs 388.55, up 6.55 per cent, on BSE. During the day, it surged 9.99 per cent to Rs 401.10 .
On NSE, shares of the company jumped 6.59 per cent to end at Rs 388.60.
The company added Rs 5,803.09 crore in market valuation to Rs 94,338.09 crore.
Indian Oil Corporation, the nation's largest company in terms of turnover, on Friday returned to black in the December quarter on the back of a robust refining margin, improvement in performance and lower finance costs.
Net profit in October-December period of this fiscal came in at Rs 3,056.86 crore against a net loss of Rs 2,636.80 crore, IOC Chairman B Ashok had said.
"The profit is mainly because of lower inventory losses, besides performance improvement," he said.
The company's inventory loss came down to Rs 4,477 crore in the quarter under review, from Rs 12,840 crore in the previous fiscal.
