Stock Market Update: 8 percent return in one day! Incredible gains in Oil India stock –

Stock Market Update: Oil India Limited is engaged in exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. It also provides various E&P-related services for oil blocks.

The stock opened the new week with the stock up nearly 7% and volume for the day strong The total traded volume in the first couple of trading hours on Monday was around 63 lakh shares on the NSE, the highest one-day volume since July 2022.

So, why is the stock on cloud 9 in today’s trading session? The company reported its highest quarterly net profit in the quarter ended December 31, 2022, on the strength of better prices and higher output of crude oil and natural gas.

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Profit after tax for Q3 FY-23 is Rs 1,746.10 crore as against Rs 1,244.90 crore for Q3 FY-22. Turnover increased by 27.13% in FY-23 compared to turnover in FY-22. Crude oil production increased by 7.03% from 0.807 MMT to 0.754 MMT for FY-22 Q3 while natural gas production also increased by 1.64% to 793 MMSCM for Q3 last year compared to 806 MMSCM.

The top stock is that the OIL board has declared 2nd interim dividend at Rs 10 per share.

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