Oil India has been making new 52-week highs for the past couple of days and today too, immediately after the opening bell, it hit a new high at Rs.446 with volumes spiking up over two times.

The company announced yesterday after market hours that its Board will be meeting on the 28^th of November to consider issue of a bonus. Obviously, the market is thrilled and would expect the ideal – 1:1 and we will see a runup to that till it is announced, after which profit booking comes from traders. This is almost always how stocks behave when bonus consideration is announced. The company had announced a bonus in 2012 in the ratio of three shares for every two held.

The trading window will be closed in Oil India from 18 to 30^th Nov.

On the same day, 28^th Nov, the company is also going to announce its Q2FY17 results.