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.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The data and figures presented are based on publicly available information and may be subject to change. Before making any investment decisions, it is recommended to conduct thorough research, consult with financial advisors, and consider your individual investment goals and risk tolerance. The author and publisher of this article do not assume any responsibility for any investment decisions made based on the information provided.

Ahead of the company’s June quarter results later in the day, shares of state-run Oil India Ltd. are up more than 8% on Wednesday.

The stock is currently trading near the ₹653 all-time high it reached on July 31 of this year.

The company’s production estimates for the remainder of the year are one of the most important things to follow in the management commentary post earnings.

The company’s efforts to increase capacity at the Numaligarh refinery will be the subject of another update to monitor. Any potential boost in output at the company’s Baghjan field will also be closely monitored.

As of 2:07 pm, Oil India shares were trading 8.03% higher at Rs 617.15 on the NSE.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The data and figures presented are based on publicly available information and may be subject to change. Before making any investment decisions, it is recommended to conduct thorough research, consult with financial advisors, and consider your individual investment goals and risk tolerance. The author and publisher of this article do not assume any responsibility for any investment decisions made based on the information provided.