Share price of this Maharatna stock jumped by nearly 2.27 percent on BSE to close at Rs. 598.60 on Thursday after the company signed a Memorandum of Understanding (MoU).
With a market cap of Rs. 64,912 crore, the shares of Oil India Ltd. opened at Rs. 592.85 on February 22nd, compared to its previous closing price of Rs. 585.30.
The company has delivered positive returns of nearly 104.7 percent in the last six months, and over 142.3 percent in the last one year. So far in 2024, it has given positive returns of around 27.28 percent.
According to the recent filings on the stock exchanges, Oil India Limited signed a Memorandum of Understanding (MoU) with the Fertilisers and Chemicals Travancore Limited (FACT), on February 22nd.
With this agreement, the company aims to explore opportunities in the field of Green Hydrogen, including Green Ammonia/Green Methanol among other derivatives.
In addition, it also aims to collaborate in decarbonising initiatives and other potential methods including decarbonisation, clean energy transition, green fuels, or renewable energy.
In terms of financials, the revenue from operations of the company grew by 28.23 percent QoQ from Rs. 7,497 crore in Q2 FY23-24 to Rs. 9,614 crore in Q3 FY23-24.
Further, the company also witnessed an increase in the net profit on a quarter-on-quarter basis by nearly 307.5 percent to Rs. 2,608 crore in Q3 FY23-24 from Rs. 640 crore in Q2 FY22-23.
As of December 2023, FIIs hold 10.99 percent of the shares, whereas DIIs hold 15.98 percent of the shares in the company, aggregating to 26.97 percent of the institutional holdings.
Incorporated in 1959, Oil India Limited is a state-owned enterprise of the Government of India and is also the second-largest national oil and gas company in India.
Written by Shivani Singh
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