Oil India Share Price Surges with Dividend Announcement 📈💰
Many companies in the stock market are announcing dividends, giving investors the opportunity to earn extra income on their investments. Another company has now announced a dividend, providing investors with a good return on their investments. Among the companies paying dividends is the government-owned Oil India Limited.
Oil India has declared its second interim dividend of ₹8.50 per share for the financial year 2023-24. The record date to determine eligible shareholders has been set as March 18. The company will pay the dividend on or before April 7.
In a statement, the company said, “The Board of Directors decided to declare a second interim dividend of ₹8.50 per share for the financial year 2023 in its meeting held on March 8, 2024.” On Tuesday (March 12, 2024), the share was trading at ₹608 with a 1.15% decline.
Oil India had announced a dividend of 200% for the financial year ending March 2023, with a dividend of ₹20 per share. The company has been consistently announcing dividends for the past five years, benefiting its shareholders.
In the third quarter of 2023-24, Oil India recorded a net profit of ₹1,584.3 crore. The company’s revenue for the quarter decreased by 0.3% to ₹5,323.7 crore, with a margin of 39.6%.
Oil India’s shares are trading at ₹629 on March 11. In the past month, the stock has seen an increase of over 22%, and a growth of 125% in the past six months. The 52-week high for the share is ₹647 and the low is ₹240.
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