Mumbai, Feb 15 (PTI) Shares of Indian Oil Corporation surged by 10 per cent today after the company's net profit in October-December came in at Rs 3,056.86 crore as against a net loss of Rs 2,636.80 crore in the previous fiscal.
The stock gained 9.99 per cent to Rs 401.10 on BSE. At NSE, shares of the company jumped 9.99 per cent to Rs 401.
Indian Oil Corporation, the nation's largest company in terms of turnover, on Friday returned to black in the December quarter on the back of a robust refining margin, improvement in performance and lower finance costs.
Net profit in October-December period of this fiscal came in at Rs 3,056.86 crore against a net loss of Rs 2,636.80 crore, IOC Chairman B Ashok had said.
"The profit is mainly because of lower inventory losses, besides performance improvement," he said. The company's inventory loss came down to Rs 4,477 crore in the quarter under review, from Rs 12,840 crore in the previous fiscal.