The government owned oil companies have proposed to pay interim dividend for the financial year 2006-07. HPCL, which has announced an interim dividend of 60 per cent (Rs 6 per share) will fork out Rs 203 crore (Rs 2.03 billion) from its first half profit.
The big oil refineries and oil marketing companies such as Oil and Natural Gas Corporations, Indian Oil Corporation, Hindustan Petroleum Corporations, and Bharat Petroleum Corporations will meet some time this week to declare their interim dividends.
IOC board of directors will meet on December 22 and ONGC board will meet on December 23 while BPCL held board meeting on December 26 to declare the interim dividends.
The oil firms, which had posted marginal one per cent growth in financial year 2005-06, have reported more than 70 per cent growth in net profit during the first half (April-September) of current financial year 2006-07.
The combined net profit of these oil and gas companies increased 77 per cent to Rs 15,360 crore (Rs 153.6 billion) during April-September, 2006 against Rs 8,663 crore (Rs 86.63 billion) in same period of previous year.
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