Oil India stock hits 8-month high on highest-ever quarterly profit; Motilal Oswal sees 22% upside

Oil India earned $88.33 for every barrel of crude oil it produced and sold in the third quarter of the current fiscal, up from $78.59 a barrel realisation in the year-ago period

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The share price of Oil India gained over 6.5 percent on February 13 after reporting its highest-ever quarterly net profit in the third quarter ended December 2022 on the back of a rise in oil and natural gas prices.

The company posted a net profit of Rs 1,746.10 crore compared to Rs 1,244.90 crore in the corresponding period a year ago, it said in a statement.

At 12 pm, the stock was quoting at Rs 239.20 apiece on the NSE up by 6.98 percent and hit an eight-month high. Trading volumes at 6.4 million shares were 5x 20-day average volumes of 1.07 million shares.

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