IOC jumps nearly 4% ahead of Q2 results

Mumbai: Shares of state-run Indian Oil Corporation (IOC) rose nearly 4 per cent in Friday's session on hopes of announcement of robust September quarter earnings later in the day.

At 10:19 am, IOC was up 3.82 per cent at Rs 81.45, while benchmark Sensex climbed 0.47 per cent to 39,937.82 points.

The country’s largest refiner is likely to post 100-200 per cent growth in net profit due to inventory gains during the quarter.

Brokerage Prabhudas Lilladher believes that IOC may post 247 per cent growth in profit after tax despite 24.10 per cent fall in sales.

“IOC is likely to report better results due to inventory gains but core earnings will be weak,” it said.

An assessment by HDFC Securities shows that IOC may report 136.70 per cent YoY and 34.10 per cent YoY growth in net profit and EBITDA, respectively. On the other hand, the brokerage sees 18.60 per cent YoY drop in net sales.