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

₹10 lakh penalty on Ola for pre-ride ‘tip’ feature

The Central Consumer Protection Authority (CCPA) has imposed a penalty of ₹10 lakh on ANI Technologies Private Limited, which operates the ride-hailing platform Ola, for soliciting additional payments from consumers before completion of their journeys through its pre-ride ‘tip’/‘add-o

Retail inflation crosses 6% mark

Retail inflation based on Consumer Price Index for October has reached 6.09%, whereas year-on-year food inflation, based on Consumer Food Price Index, for October is 8.94%, an official release said on Thursday.   Year-on-year inflation rate based on All India Consumer Price I

Cabinet approves museum at North-South Block complex

The Cabinet Committee on Economic Affairs, chaired by prime minister Narendra Modi, on Wednesday has approved the development of the Yuge Yugeen Bharat Museum (YYBM) at the North and South Block Complex, New Delhi, at an estimated total project cost of ₹3,230 crore, as appraised by the Public Investmen

Cabinet approves extension of Noida metro corridor

The Union Cabinet, chaired by prime minister Narendra Modi, has approved the extension of Aqua Line Metro Rail Corridor from Noida Sector-51 to Greater Noida Sector-04 of Noida Metro Rail Project with corridor for a length of 8.449 km with 5 elevated stations. On operationalization of this corridor, Noid

India reaffirms commitment to climate multilateralism

India has reaffirmed its commitment to climate multilateralism and the principles of Equity and Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC), calling for a fair, equitable and ambitious outcome at the 31st Conference of the Parties (COP31) to the United Nations Framewo

How the mind can help the body heal itself

Why do some people recover from illness against all odds? Can our beliefs, emotions and consciousness influence the body’s ability to heal? Drawing on over three decades of experience in medicine, research and medical innovation, internationally trained ophthalmologist and author Dr Dinesh Verma ex

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter