Jan 30 (Reuters) - Indian Oil Corp Ltd said its third-quarter profit nearly doubled, handily beating estimates.
Net profit surged 97 percent to 78.83 billion rupees ($1.24 billion) in the quarter ended Dec. 31, from 39.95 billion rupees a year earlier. bit.ly/2nnsaHG
Analysts on average expected a profit of 51.49 billion rupees, Thomson Reuters Eikon data showed.
Average gross refining margin improved to $8.28 per barrel in the April-December period from $7.36 per barrel in the year-ago period, the country’s top refiner said on Tuesday.
Shares of the company rose 3.8 percent to 414.85 rupees in a broader Mumbai market that was trading down 0.69 percent.
($1 = 63.7300 Indian rupees)
Reporting by Aby Jose Koilparambil and Jessica Kuruthukulangara in Bengaluru; Editing by Sherry Jacob-Phillips