IndianOil shares surge 6.5%

Indian Oil Corporation Ltd shares surged by 6.5 per cent on Monday after the company’s net profit in October-December quarter came in at Rs 3,056.86 crore against a net loss of Rs 2,636.80 crore in the corresponding period. The stock settled at Rs 388.55, up 6.55 per cent, on BSE. During the day, it surged 9.99 per cent to Rs 401.10. On NSE, shares of the company jumped 6.59 per cent to end at Rs 388.60. The company added Rs 5,803.09 crore in market valuation to Rs 94,338.09 crore. Indian Oil Corporation, the nation’s largest company in terms of turnover, on Friday returned to black in the December quarter on the back of a robust refining margin, improvement in performance and lower finance costs.