1:2 bonus shares & Rs 3.75/share dividend announced: President of India-backed multibagger oil company signs agreement with Numaligarh Refinery Ltd (NRL)

Oil India Ltd (OIL), a key player in India's oil and gas sector and the newest Maharatna CPSE, signed a long-term agreement with its subsidiary, Numaligarh Refinery Limited (NRL), to transport additional petroleum products through the Numaligarh-Siliguri Product Pipeline. This agreement supports the expansion of NRL's refinery capacity from 3 to 9 MMTPA. \r

OIL's Board has proposed bonus shares at a 1:2 ratio and a final dividend of Rs 3.75 per share for FY24, pending shareholder approval. Standalone Q4FY24 results showed a 2% increase in net sales and a 13.5% rise in net profit, while consolidated net sales rose by 16% and net profit by 17.8%. \r

Shares surged 2.5% to Rs 669.90, with strong growth potential and a market cap over Rs 70,000 crore.