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

How toll policies are redefining the highway journeys

With the phenomenal growth in National Highways, queues at toll plazas used to affect commuters. However, over the last decade, tolling has undergone a major technological transformation, bringing faster movement and significant ease for road users. Building on this progress, year 2025 saw further people-c

From vulnerabilities to empowerment: Building resilience for small and marginal farmers

India’s small and marginal farmers are at the centre of a paradox in agrarian economy. They are the backbone of the food economy, but they are the most vulnerable stakeholders within agricultural economy. Among the 126 million farmers in India today, nearly makes 86% operate on small and marginal hol

Concerns over Mumbai air pollution ahead of Marathon

Environmental organisation Awaaz Foundation has flagged serious concerns over deteriorating air quality in Mumbai and the potential health risks it poses to participants of the Tata Mumbai Marathon scheduled for January 18. It has urged civic and pollution control authorities to conduct advance air quality

From darkness to demand: India’s power sector at a policy crossroads

India’s progress in electricity access over the past two decades represents one of the most consequential public infrastructure transformations globally. Yet, as policymakers now confront issues of reliability, financial sustainability, and grid stability, experts argue that the next phase of reform

2026: How AI is transforming everyday life and work in India

Artificial Intelligence is driving a new wave of innovation that touches every part of daily life, from healthcare and farming to education, governance, and climate prediction. It helps doctors diagnose diseases faster, assists farmers in making data-driven decisions, improves learning outcomes for student

Charting the contours of India’s Africa outreach

Prime minister Narendra Modi’s state visit at the end of the year 2025 to Ethiopia represented a notable point in the development of India-Africa relations. At a time of escalated geopolitical contest, renewed commitment to South-South cooperation and Africa’s expanding strategic prominence, th


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter