Oil India share jumps 6%, rebounds to 1-year high after 3 weeks: Read why
The stock price of Oil India (OIL) surged 6 per cent on Friday to rebound to near its 52-week high after 3 weeks. The stock hit an intra-day high of Rs 294.4. It’s one-year high level of Rs 296.95 was touched on August 23.
The gains came after the company’s CMD Ranjit Rath made a slew of announcements on OIL’s growth outlook and told media that the company is exploring all channels to repatriate its dividends worth $150 million from Russia.
OIL is expecting a series of new wells and gas fields to go into production in Assam and Rajasthan soon. This development will enable the company to achieve a crude oil production of 3.8 million tonnes (mt)
