IOC to offer bonus share

The board of directors has approved the bonus share in the ratio of 1:1, as its first-quarter net profit jumped 25 percent

GN Bureau | August 30, 2016


#IOC   #bonus share   #net profit  

 State-owned Indian Oil Corporation (IOC) has announced bonus shares as its first-quarter net profit jumped 25 percent to Rs 8,268.98 crore.

The board of directors has approved the bonus share in the ratio of 1:1. It means the company will issue one equity share of Rs 10 each for every fully-paid up share of Rs 10 each, according to a news report in Telegraph. The government, which holds a majority stake in IOC, will be the key beneficiary of the move.
 
The government owns a 58.28 percent stake in Indian Oil, which controls nearly half of the country's fuel market, 35 percent of the national refining capacity and 71 percent of downstream pipelines.
 
The capital restructuring rules for central public sector enterprises (CPSEs) notified by the government in May mandates every PSU to issue bonus shares if its reserves and surplus are equal to or more than 10 times its paid-up equity share capital.
 
IOC is the country's largest commercial entity with a sales turnover of Rs 3,99,601 crore ($61 billion) and profit of Rs 10,399 crore ($1.58 billion) in 2015-16. It ranks 161 among the world's largest companies - and the first among Indian companies - in the Fortune Global 500 list for 2016.
 

Comments

 

Other News

Building infrastructure is only half the job

Recent stories of stolen railway wires, disappearing communication towers and missing public infrastructure are often treated as bizarre law-and-order failures of India. Yet they raise a more fundamental question. Why does the State often discover the disappearance of a public asset only after it has alrea

New Delhi’s Indo-Pacific strategy enters a new phase

India appears to be investing fresh dynamism in its Indo-Pacific strategy. At the time when the US, under president Donald Trump, has adopted a conciliatory approach towards China and has changed the name of America’s Indo-Pacific Command to just Pacific Command, India has quietly moved towards con

CAG flags major fiscal lapses in Maharashtra

Maharashtra`s fiscal management has come under sharp scrutiny after the Comptroller and Auditor General (CAG) of India, in its State Finances Audit Report for 2024-25, flagged significant budgetary inefficiencies, accounting irregularities, understatement of key fiscal indicators and widespread governanc

The health sector research we are not doing

Some neglect is loud. This kind is quiet. It sits in research never commissioned, data never collected, questions never asked. In South Asia, that quiet has let the region’s worst health problems stay understudied, underfunded, and out of sight of those who could act.  

Study flags accessibility and last-mile challenges on Mumbai Metro Aqua Line

Mumbai Metro Line 3 (Aqua Line), the city`s first fully underground metro corridor and one of its largest public transport investments, represents a major engineering achievement and has been widely welcomed by commuters. However, the overall commuter experience continues to be constrained by accessibili

Centre intensifies preparedness as El Niño threat looms

Amid uncertainty in the southwest monsoon due to the potential impact of El Niño, the government is addressing the situation with comprehensive preparedness, a clear strategy, and strong ground-level action. While challenges remain, the entire system has been activated in advance and is working proa





Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter