20 hours Ago By Arjit Saxena
Indian Oil Corporation (IOC) shares fell more than 4% on Monday and were trading at Rs 138. At the same time, India's broader market experienced significant drops, with the Sensex plummeting over 1,300 points and the Nifty sliding more than 400 points trading at 23,874. IOC, the country’s largest oil refiner, recorded a steep 99% decline in its net profit for the July-September quarter, dropping to Rs 180 crore from Rs 12,967 crore in the same period last year.
This sharp decrease has been attributed to inventory losses, weakened refining margins, and higher operating costs. The company’s revenue from operations also fell by 3.5% to Rs 1.
95 lakh crore, compared to Rs 2.02 lakh crore a year ago. During this quarter, IOC reported an operating loss of Rs 984 crore, contrasting sharply with an operating profit of Rs 17,170 crore a year earlier.
However, an exceptional income of Rs 1,157 crore allowed the company to end the quarter with a marginal net profit. Also, Goldman Sachs has maintained its'sell' recommendation on Indian Oil Corp shares, with a target price of Rs 105, a 27.5% drop from the November 1 Muhurat Trading close.
IOC recently announced a joint venture with EverEnviro Resource Management Pvt. Ltd., a well-known biofuels company, marking a significant step toward sustainable energy.
This 50:50 alliance aims to accelerate biofuel usage in India, with a focus on turning organic waste into Compressed Biogas (CBG) utilizing modern biogas technologies. CBG is a greener, renewable alternative to traditional fossil fuels that aligns with India's goals for reducing greenhouse gas. The agreement was signed by Dr.
Santanu Gupta, IOC's Executive Director of Alternative Energy, and Mr. Mahesh Girdhar, EverEnviro's MD and CEO, together with senior personnel from both firms. The joint venture seeks to speed up the statewide deployment of CBG facilities, paving the way for India's transition to a more sustainable energy future.
The 52 week high and low of the share is Rs 196.80 and Rs 95.40 respectively.
According to the BSE analytics, the shares have given negative returns of 19.20 per cent in the last 6 months and positive returns of 43.94 per cent in the last 1 year.
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