IOC gains 8% as Q1 results beat street expectations

NEW DELHI: Shares of Indian Oil Corporation ( IOC) advanced nearly 8 per cent on Friday as the company on Thursday reported a 45 per cent in net profit in its fiscal first quarter of 2017, beating analysts' estimates of a 60 per cent drop.

Following the development, the stock gained 7.99 per cent to Rs 417.80 on BSE. It opened at Rs 391.85 and touched an intraday high and low of Rs 425.55 and Rs 391.85 respectively.

Net profit was Rs 4,549 crore for the quarter ended on June 30, 2017 as compared to Rs 8,269 crore a year earlier in this period, the country said in a filing to BSE.

The stock has gained 9 per cent in just 2 sessions from its close of Rs 369.90 on August 2, 2017.

Reuters data showed that analysts on average had expected a net profit of Rs 3,063 crore.

The scrip touched its fresh 52-week high of Rs 450.65 on May 16, 2017 and its 52-week low of Rs 265.95 on August 11, 2016.