Maharatna company Oil India Limited has announced a big gift to its investors on Monday. Oil India Limited has announced the grant of bonus shares. Maharatna company will give bonus shares in the ratio of 1:2. That is, the company will give 1 bonus share for every 2 shares. Oil India Limited (OIL) has fixed the record date of bonus shares as 2 July 2024. This is the fourth time when the company is going to give bonus shares to its investors. Oil India shares closed at Rs 646.30 on 18 May 2024.
Company made profit of Rs 2333 crore
Oil India Limited (OIL) has made a consolidated net profit of Rs 2332.94 crore in the March 2024 quarter. The profit of the Maharatna company has increased by 18% compared to the same period a year ago. In the same period a year ago, Oil India Limited had made a profit of Rs 1979.74 crore. The company’s board has approved a final dividend (pre-bonus) of Rs 3.75 per share. Due to higher oil prices, the company’s turnover increased by 16% to Rs 10375.09 crore in the March 2024 quarter, which was Rs 8936.82 crore in the same period a year ago.
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The company’s shares have risen 144% in a year
Shares of Oil India Limited (OIL) have risen by more than 144% in the last one year. Shares of Maharatna company Oil India were at Rs 264.20 on 22 May 2023. The shares of the company have reached Rs 646.30 on 18 May 2024. In the last 6 months, the shares of Oil India Limited have seen a strong rise of 110%. The shares of the company have increased from Rs 307.80 to Rs 646 in the last 6 months. At the same time, shares of Oil India have risen 71% so far this year. The shares of the government company were at Rs 378.30 at the beginning of this year, which have now crossed Rs 640. The 52-week high level of the company’s shares is Rs 669.05. At the same time, the 52-week low level of the company’s shares is Rs 240.65.
This PSU stock will cross ₹5500, the company has orders worth ₹94000 crore
