Oil India advanced 2.43% to Rs 724.80 after its board approved the appointment of Rupam Barua as the chief financial officer (CFO) with effect from 1 July 2024.
Currently, Barua is heading Finance & Accounts (F&A) department of the company as executive director (F&A).He pursued Masters in Business Administration with Finance Specialization and having extensive experience of over 32 years in Oil & Gas lndustry handling diverse gamut of finance & accounting functions covering cost management, financial reporting, internal audit, superannuation trust funds etc.
Further, the firm added that Harish Madhav, Director (Finance) & CFO and Dr. Manas Kumar Sharma, Director (Exploration & Development) will cease to be directors on the board of the company effective from 1 July 2024 on attaining the age of superannuation on 30 June 2024.
Oil India is a state-owned Maharatna under the administrative control of India's Ministry of Petroleum and Natural Gas. As of 31 March 2024, the Government of India held 56.66% stake in the company.
The petroleum business company reported 13.45% increase in standalone net profit to Rs 2,028.83 crore on 2.46% rise in revenue from operations to Rs 5,527.3 crore in Q4 FY24 over Q4 FY23.
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