Indian Oil Profit May Lure Investors to Record Sale
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Indian Oil Corp. is betting its biggest profit gain in at least 11 years will help lure investors to a share sale that may raise a record 195.5 billion rupees ($4.4 billion).
Net income rose more than 18-fold to 52.9 billion rupees for the three months ended Sept. 30, from 2.8 billion rupees a year earlier, after the government compensated state-run Indian Oil for below-cost fuel sales, the New Delhi-based company said in a statement on Nov. 13. That compared with the average 10.6 billion rupee estimate of 16 analysts surveyed by Bloomberg.