Shares of IOC rose over half a percent on Thursday morning as investors reacted to Q3 results.
It touched an intraday high of Rs 135.45 and an intraday low of Rs 132.10.
Indian Oil Corporation reported a fall of 78 percent in its net profit for the December quarter to Rs 716 crore against Rs 3,247 crore that the company reported last quarter.
Its revenues grew 6 percent to Rs 1.6 lakh crore against Rs 1.5 lakh crore last quarter.
The earnings before interest, depreciation, and amortization fell 47 percent to Rs 3,609.5 crore against Rs 6,761.8 crore in the previous quarter.
The operating margin fell to 2.3 percent from 4.5 percent in September quarter.
Brokerage: Nomura | Rating: Neutral | Target: Rs 145
Nomura said that it was a weak result, driven by large inventory loss. If adjusted for inventory losses, refining earnings were relatively better. It observed that a key reason for the beat was a large forex gain of Rs 2,080 crore.
Brokerage: CLSA | Rating: Sell | Target: Raised to Rs 120 from Rs 105
Lower than expected inventory losses drives a beat on the earnings front. Further, it added that refining & marketing margins came ahead, but petchem profit missed. It observed that the debt has risen to four year high.
At 09:50 hrs Indian Oil Corporation was quoting at Rs 135.10, up Rs 0.45, or 0.33 percent.
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