IOC third-quarter net profit surges, beats estimates

Indian Oil Corp Ltd said its third-quarter profit nearly doubled, handily beating estimates.

Net profit surged 97 per cent to $1.24 billionin the quarter ended December 31, from 39.95 billion rupees a year earlier.

Analysts on average expected a profit of 51.49 billion rupees, Thomson Reuters Eikon data showed.

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Average gross refining margin improved to $8.28 per barrel in the April-December period from $7.36 per barrel in the year-ago period, the country's top refiner said on Tuesday.

Shares of the company rose 3.8 per cent to 414.85 rupees in a broader Mumbai market that was trading down 0.69 per cent.