Indian Oil Corporation Ltd gained for a fifth straight session today. The stock is quoting at Rs 84.6, up 0.42% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.08% on the day, quoting at 12641.05. The Sensex is at 43249.35, down 0.07%. Indian Oil Corporation Ltd has gained around 11.76% in last one month.

Meanwhile, Nifty Energy index of which Indian Oil Corporation Ltd is a constituent, has gained around 6.73% in last one month and is currently quoting at 15713.05, up 0.22% on the day. The volume in the stock stood at 117.53 lakh shares today, compared to the daily average of 191.73 lakh shares in last one month.

The benchmark November futures contract for the stock is quoting at Rs 85, up 0.47% on the day. Indian Oil Corporation Ltd is down 36.79% in last one year as compared to a 6.76% jump in NIFTY and a 1.35% jump in the Nifty Energy index.

The PE of the stock is 4.77 based on TTM earnings ending September 20.

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The oil marketing company had reported a net profit of Rs 563.42 crore in Q2 September 2019.

Revenue from operations rose 37.2% to Rs 85,610.51 crore in Q2 September 2020 from Rs 62,396.60 crore in Q1 June 2020. The revenue, however, is down by 23.4% as compared to Rs 1,11,690.85 crore in the same period last year.

Profit before tax in Q2 FY21 stood at Rs 8,339.81 crore, increasing by more than thrice from Rs 2,628.58 crore in Q1 FY21. The company had posted a pre-tax profit of Rs 814.48 crore in Q2 FY20.

IOC incurred a current tax expense of Rs 811.45 crore during the quarter.

The company said the average gross refining margin (GRM) for the period April- September 2020 jumped 16.9% to $3.46 per barrel against $2.96 per barrel for the same period of the previous year.

The core GRM or the current price GRM for the period April- September 2020 after offsetting inventory loss/gain came to $1.57 per bbl, it added.

Indian Oil Corporation's (IOC's) segments include sale of petroleum products, sale of petrochemicals and other businesses. As of 30 September 2020, the Government of India held a 51.50% stake in IOCL while ONGC held a 14.20% stake in the company.

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Net profit of Indian Oil Corporation rose 1187.46% to Rs 6025.81 crore in the quarter ended September 2020 as against Rs 468.04 crore during the previous quarter ended September 2019. Sales declined 26.48% to Rs 81704.43 crore in the quarter ended September 2020 as against Rs 111128.70 crore during the previous quarter ended September 2019.

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Indian Oil Corporation announced that the Board of Directors of the company will meet on 30 October 2020 to consider the proposal for delegation of authority for borrowings including borrowings upto Rs.20,000 crore during a financial year through privateplacement of bonds/ debentures in one or more tranches, from time to time, within the overall borrowing limit of Rs.1,65,000 crore approved by shareholders at the last Annual General Meeting.

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