The board of directors of oil marketing company Indian Oil Corporation (IOC) in its meeting held on May 17, 2022, had recommended the final dividend for the financial year 2021-22 and the record date for the same is Friday, August 12 this week. 2022.
“It is hereby informed that the Board, in its meeting held on 28 June 2022, has fixed Friday, 12 August 2022 as the record date for determining the eligibility of shareholders to receive the same. final dividend 2.40 per equity share at a face value of Rs. 10/- each on equity shares of the company for the financial year 2021-22,” the company had informed in an exchange filing. The stock will commence ex-dividend trading on Thursday, August 11.
Indian Oil Corporation reported net loss of Record refining margins eroded as compared to Rs 1,992 crore in the June quarter as a halt to petrol and diesel prices. There was a net profit of Rs 5,941.37 crore in the same period a year ago.
Its revenue from operations increased 2.51 lakh crore in April-June from 1.55 lakh crore, mostly due to high international oil prices. Core margin was $25.34 per barrel after offsetting inventory losses. “However, suppressed marketing margins of some petroleum products have offset the gains of increase in GRM (gross refining margin),” the company said in its accounts notes.
During the quarter, IOC and other state-owned fuel retailers Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) did not revise prices of petrol and diesel in line with rising costs.
Shares of IOC are up over 5% in the one-year period, while the stock has declined nearly 3% in 2022 (YTD), as compared to a 0.5% fall in the benchmark Sensex during the said period. The company issued bonus shares in the ratio of 1:2 last month, i.e. one new bonus equity share will be issued for every two shares held by the investors. Bonus shares are fully paid-up additional shares issued by a company to its existing shareholders.
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