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Shares of Indian Oil Corporation (IOC) rose over a per cent to 71 apiece on the BSE in Thursday's opening deals as the stock started trading ex-dividend, a day ahead of the record date for its final dividend that was announced in May this year.

The oil marketing company'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 has been fixed 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. 

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 company's Average Gross Refining Margin (GRM) for the period April-June 2022 is $31.81 per bbl (April- June 2021: $6.58 per bbl). The core GRM or the current price GRM for the period April-June 2022 after offsetting inventory loss/gain comes to $25.34 per bbl. "However, the suppressed marketing margins of certain petroleum products have offset the benefit of an increase in GRM," the firm said.

IOC shares are up nearly 2% in a year's period whereas the stock has declined more than 6% 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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