Given our concerns on the likely decline in GRM, increase in capex over the next five years, rise in interest costs and concerns over product pricing freedom, we expect the upside in earnings to be capped.
Indian Oil Corp (IOC) on Tuesday reported near doubling of third quarter net profit to Rs 7,883 crore on back of higher refining margins and inventory gains. IOC Chairman Sanjiv Singh said the company board at its meeting today approved a 1:1 bonus share. Net profit in the third quarter of last fiscal was Rs 3,995 crore.
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