(TOI)
Indian Oil Corp Ltd said on Thursday net profit fell 45 per cent in its fiscal first quarter of 2017, beating analysts’ estimates. Net profit was Rs 4,549 crore ($714.83 million) in the quarter ended on June 30, compared with Rs 8,269 crore a year earlier in this period, the country’s top refiner said. Analysts on average had expected a net profit of Rs 3,063 crore for the first quarter, Thomson Reuters data showed. IOC shares were up about 6 per cent in afternoon trade while the broader Nifty 50 index was losing around 0.50 per cent.
