Oil India skids on payment of Rs 551 cr to Numaligarh Refinery for rights issue

Shares of Oil India had a muted start of the day on the NSE on December 28, a day after the oil and gas major payed Rs 551 crore to Numaligarh Refinery against a rights issue. At 9:20 am, the stock was trading in the red at Rs 380.20.

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According to an exchange filing, Oil India has paid the second call of Rs 551 crore to Numaligarh Refinery at Rs 27.50 per equity share. Numaligarh Refinery, according to the filing, has allotted 20,03,44,555 partly paid-up equity shares to Oil India under rights issue allotment. The company holds 69.63 percent in Numaligarh Refinery.

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In Q2FY24, the oil and gas exploration company reported a decline of 70 percent in consolidated net profit year-on-year at Rs 640 crore in Q2FY24. Net profit for the reporting quarter was Rs 2,116 crore in the previous fiscal. Revenue from operations for the quarter ending September 2023 was Rs 8,816 crore, a 13 percent decline from Rs 10,121 crore in Q2FY23.

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