NEW DELHI: Shares of Indian Oil Corporation (IOC) were trading in the negative territory ahead of the announcement of its December quarter earnings on Wednesday in an otherwise buoyant market.
Brokerages are expecting a negative set of numbers from IOC.
"We expect IOC to report negative EBITDA despite strength in underlying margins and forex gains of Rs 1,900 crore, which will be offset by large adventitious/inventory losses at Rs 12,700 crore across refining and marketing segments," said Kotak Institutional Equities.
The brokerage expects a flat year-on-year (YoY) sales volumes at 20.9 million tons and higher underlying refining margins at $4.5 per barrel.
Elara Capital sees an 88.1 percent drop in YoY EBITDA. Sequentially, it may fall 76.7 percent. The adjusted net profit, as per the brokerage, may fall as much as 101.2 percent YoY.
Shares of the company traded 0.22 percent down at Rs 137.20 around 9:55 am on BSE.
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