Shares of Oil India gain 3.56 pc on strong June qtr numbers

New Delhi: Shares of Oil India Ltd (OIL) gained 3.56 per cent in morning trade on Friday after the nation's second-largest state explorer reported strong June quarter results.

On BSE, shares of OIL opened on a strong note at Rs 190, then gained more ground to touch Rs 194.65, registering a jump of 3.56 per cent over its previous close.

The scrip surged about 3 per cent to hit the day's high of 194.60 on NSE.

Oil India has reported a tripling of its net profit in the June quarter on record oil and gas price realisation.

Its net profit was Rs 1,555.46 crore, or Rs 14.34 per share, in April-June compared to Rs 507.94 crore, or Rs 4.68 a share, in the same period a year back, the company said in a statement.

The earnings rose as the company got USD 112.72 per barrel price for crude oil it sold in the quarter as opposed to USD 67.15 a barrel rate realised in the same period last year. Gas price realisation more than doubled to USD 6.1 per million British thermal unit from USD 1.79.

Higher crude oil and natural gas prices stem from the rally in international oil prices that followed Russia's invasion of Ukraine.

Turnover nearly doubled to Rs 6,029.86 crore in the first quarter of the current fiscal year that began on April 1.

The earnings were also aided by a 4 per cent rise in crude oil production at 0.78 million tonnes and an 8 per cent rise in gas output at 771 million standard cubic metres.