IOC third-quarter net profit surges, beats estimates
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Shares of the company rose 3.8 percent to 414.85 rupees in a broader Mumbai market
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.
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.