2 Big Multibagger PSUs Under Rs 300 To Consider Fundraise, Dividend In April, Bet?

Two leading public sector undertakings (PSUs) are scheduled to consider fundraise and recommend dividend, if any in April. Indian Oil Corporation Ltd will consider and recommend dividend on April 30, 2024 while Power Grid Corporation Of India will hold meeting of Board to consider fundraising. Indian Oil Corporation share gave return of 122% in last 1-year and Power Grid Corporation share jumped 143% in last 3-years. Both PSUs offering traders opportunity to buy on dips as Power Grid shares declined 3.46% in last 1-month and IOC shares fell 1.56% in last 1-months. More details given below:

1. Indian Oil Corporation: As per the regulatory filing of the company dated April 10, 2024, "a Board Meeting of the Company is scheduled on Tuesday, 30 April 2024, inter alia, to consider and approve Standalone as well as Consolidated Audited Financial Results of the Company for the quarter and year ended 31% March 2024. It is also hereby informed that Board may consider declaration of final dividend for the financial year 2023-24, if any, at the aforesaid Board Meeting."

IOC Share Performance: Last trading price of Indian Oil Corporation Ltd share on BSE is Rs 170.25 per share with intraday fall of 1.48%. The 52-week high price of Indian Oil Corporation share on BSE is Rs 196.80 per share (08/02/2024) and 52-week low price is Rs 76.76 per share (17/04/2023). Indian Oil Corporation shares surged 89% in last 6-months, zoomed 118% in last 1-year, and offered stunning return of 193% in last 3-years.

Buy Indian Oil Corporation Share: According to Sagar Doshi, Senior Vice President-Research, Nuvama Professional Clients Group said, IOC shares recorded sharp rally from Dec'23 as prices zoomed from levels of 100 to 180. Recently, Indian Oil Corporation share prices have not only given a swing breakout but have also been able to breach the trend line, which has been active since the recent high. Strong volume supported by a swing breakout indicates the presence of strong hands.

The analyst has urged to keep the stop loss at Rs 168 per share and target price of Rs 187 per share. Kunal Saraogi of Equityrush suggested buying Indian Oil Corporation Ltd (IOCL) with maximum target price of Rs 182 and urged to maintain stop loss at Rs 171.5.

2. Power Grid Corporation To Consider Fundraising: According to the BSE filing of Power Grid, "a Meeting of "Committee of Directors for Bonds" is scheduled to be held on 17.04.2024 to consider issue of Unsecured, Non-Convertible, Non-Cumulative, Redeemable, Taxable POWERGRID Bond Issue(s) during FY 2024-25 in one or more tranches/ series upto Rs. 12,000 Crore on private placement."

Last trading price of Power Grid Corporation share on BSE is Rs 275.20 per share with intraday decline of 2.57%. The PSU's market capitalisation is Rs 2,55,952.62 crore. In last 1-year, Power Grid Corporation shares gave return of 62% and 143% in last 3-years. Power Grid shares surged 57% in last 2-years and soared 354% in last 10-years.

Should You Buy Power Grid Corporation Shares? Sumeet Bagadia of Choice Broking recommended buying Power Grid Corporation Of India shares with target price of Rs 298 and above.

Sumeet Bagadia said that investors should spot any potential dips in Power Grid Corporation Of India shares, specifically around Rs 267 level, as favorable buying opportunities. Additionally, the momentum indicator has reflected positive momentum, with the Relative Strength Index (RSI) currently at 52.45 levels, further affirming the stock's strength. "Based on the above analysis we recommend buying Power Grid shares at CMP of ₹276.90, It can also be added on dips near to Rs 267 levels with a stop loss of Rs 258 for the target of Rs 298 and above, stated Bagadia.

Power Grid Corporation of India Ltd. offered 2 bonuse issues since July 29, 2021. The PSU's last bonus issue was declared in the ratio of 1:3 with ex-bonus date was set as September 12, 2023. Power Grid Corporation of India announced 38 dividends since March 10, 2008.In 1 year, Power Grid Corporation of India announced an equity dividend amounting to Rs 13.25 per share. At the current share price of Rs 275.20, Power Grid Corporation of India offers a dividend yield of 4.81%. Adjusting for Bonus/Splits the dividend yield is 4.38%.

Disclaimer: The stocks have been picked from the brokerage report of Nuvama Professional Clients Group and Equityrush, and Choice Broking. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.