Oil India surges 15% in three days on strong March quarter results

Analysts remain bullish on prospects of the company due to increase in crude price realisation and improvement in domestic gas price realisation.

Shares of Oil India (OIL) were up 5 per cent to Rs 250 on the BSE in Wednesday’s trade, surging 15 per cent in the past three trading days. The surge comes after the company reported strong earnings in March 2022 quarter (Q4FY22), as turnover and profit after tax (PAT) increased by 74 per cent and 92 per cent, respectively.

Earlier, the stock of state-owned oil exploration and production company had hit a 52-week high of Rs 267.70 on October 1, 2021.

Meanwhile, the company reported its highest-ever quarterly net profit of Rs 1,630 crore in Q4FY22, as