Oil Marketing Company Indian Oil Approves Bonus Shares In The Ratio Of 12 Recommends Dividend Too
Indian Oil News: Indian Oil, the country's largest state-owned oil...
Indian Oil News: Indian Oil, the country’s largest state-owned oil marketing company, will issue bonus shares to its shareholders. Along with this, dividends will also be given to the shareholders for the financial year 2021-22. The Board of Directors of IndianOil on Tuesday recommended issuance of bonus shares in the ratio of 1:2.
Offering bonus shares in the ratio of 1:2 means that investors will be given 1 new share for every 2 existing shares. On Tuesday, the stock of Indian Oil jumped 1.80 percent and closed at Rs 124.30.
will get this much dividend
The Board’s recommendation for issue of bonus shares will require the approval of the shareholders through postal ballot. The company board has set a record date of July 1, 2022 for giving bonus shares. IndianOil has also recommended a dividend of 36 per cent i.e. Rs 3.60 per equity share of Rs 10 face value to shareholders for the financial year 2021-22.
decrease in profits
IndianOil’s net profit declined 31.4 per cent to Rs 6,022 crore in the fourth quarter of 2021-22, which ended March 2022. The state-owned oil company had a net profit of Rs 8,781 crore in the same period a year ago.
so much income
The company’s revenue grew 25.6 percent to Rs 2.06 lakh crore in the January-March 2022 quarter. It stood at Rs 1.64 lakh crore in the same period a year ago. The company’s average gross refining margin (GRM) stood at $11.25 per barrel in the financial year 2021-22. In the financial year 2020-21, it was $ 5.64 per barrel.
The business results of state-owned oil companies are always a topic of discussion. People also start raising such questions about the earnings in the quarterly results that after all, when companies are making so much profit, then why do not they cut the prices of petrol and diesel.
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