Indian Oil's record date for final dividend this week. Details here
Premium- Indian Oil's board on May 17 had recommended a final dividend for financial year 2021-22
Oil marketing company Indian Oil Corporation (IOC)'s board of directors in its meeting held on May 17, 2022 had recommended a final dividend for financial year 2021-22 and the record date for the same is this week on Friday, August 12, 2022.
"It is hereby informed that the Board at its meeting held on 28" June 2022 has fixed Friday, 12th August 2022 as Record Date to determine eligibility of shareholders to receive the final dividend of Rs. 2.40 per equity share on the face value of Rs. 10/- each on the equity shares of the Company for the financial year 2021-22," the company had informed in an exchange filing. The stock will start trading ex-dividend on Thursday, August 11.
Indian Oil Corporation reported a net loss of ₹1,992 crore in the June quarter as a freeze on petrol and diesel prices wiped away record refining margins, as compared to ₹5,941.37 crore of net profit in the same period a year back.
Its revenue from operations rose to ₹2.51 lakh crore in April-June from ₹1.55 lakh crore, mostly because of higher international oil prices. The core margin, after offsetting inventory losses, was USD 25.34 per barrel. "However, the suppressed marketing margins of certain petroleum products have offset the benefit of an increase in GRM (gross refining margin)," the company said in notes to its accounts.
During the quarter, IOC and other state-owned fuel retailers Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) did not revise petrol and diesel prices in line with rising costs.
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IOC shares are up over 5% in a year's period whereas the stock has declined about 3% in 2022 (YTD) so far as compared to 0.5% decline in benchmark Sensex during the said period. The company last month issued bonus shares in the ratio of 1:2, i.e, for every two existing shares investors hold, one new bonus equity share will be issued. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.
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