Oil India’s shares rose 7% on the National Stock Exchange (NSE) in Friday’s intraday session, reaching a new high of Rs 654 per. The rise comes despite the company reporting a 9% year-on-year (Y-o-Y) reduction in standalone profit after tax (PAT) of Rs 1,467 crore in the June 2024 quarter (Q1FY25), owing to lower other income.
However, earnings before interest, depreciation and amortization (Ebitda) of Rs 2,540 crore were broadly in line with analysts’ expectations, as lower crude sales volume and realization were offset by higher gas sales volume and realisation.
The state-owned upstream company’s shares exceeded its previous high, which was reached on July 12, 2024, at Rs 653. At 11:08 AM, the Nifty 50 index had increased by 1%, while Oil India had gained 6% to Rs 649.
As of 12:36 pm, Oil India shares were trading 4.71% higher at Rs 641.70 on the NSE.
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