Rs 7/Share Dividend Declared In Q4: Buy Energy PSU, TP Rs 195: Motilal Oswal Bullish

Board of Directors of large cap PSU operating in refineries and marketing industry, Indian Oil Corporation Ltd (IOC) declared an attractive final dividend of Rs 7.00 per share of the face value of Rs 10/- each. Brokerage firm Motilal Oswal has recommended buy call for IOC share with target price of Rs 195 apiece. Earlier on April 30 2024, stated-owned IOC declared a dip of 52% in its standalone net profit at Rs 4838 crore for the quarter ended March 2024 as against Rs 10,059 crore reported in the corresponding quarter of last year.

Indian Oil Corporation Ltd's revenue from operations slipped 3% to Rs 2.19 lakh crore for Q4 as against Rs 2.26 lakh crore in the preceding year's quarter. Indian Oil Corporation share offered return of 106% in last 1-year and gained 78% in last 6-months. Last trading price of Indian Oil Corporation shares on BSE is Rs 170.85 per share with intraday fall of 1.47% as on May 3, 2024. More details below:

Indian Oil Corporation Ltd Share Performance & Return: 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 78.43 per share (05/05/2023), respectively. IOC shares fell 1.73% in last 1-month, gave return of 31% YTD, soared 102% in last 2-year, and offered rally of 179% in last 3-years.

IOC Declares Dividend: As per the BSE filing of IOC dated April 30, "It is further informed that the Board has recommended a final dividend of 70% for the year 2023-24 i.e. Rs. 7.00 per equity share of face value of Rs.10/- each on the paid-up share capital, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company. The final dividend would be paid within 30 days from the date of declaration at the AGM. The record date for payment of final dividend would be fixed and intimated in due course."

IndianOil Achieves Historic High with best-ever Financial and operational performance in FY 2023-24: According to its BSE filing May 1, "IndianOil is proud to announce a historic financial performance for the fiscal year 2023-24, marking a significant milestone in the company's over six-decade long journey. Demonstrating an exceptional year, IndianOil recorded a net profit of 239,619 crores, the highest ever in the company's history and over four-fold increase from the net profit of 8,242 crores in the previous year."

Furthermore, IndianOil aims to strengthen EV mobility infrastructure with setting up of charging points and battery-swapping facilities at its fuel stations. The company has also signed a binding term sheet with Panasonic Group company for formation of a JV for manufacturing cells in India, added the exchange filing.

Indian Oil Corporation Ltd Dividend History: IOC announced 38 dividends since August 27, 2001. In last 12 months, IOC declared an equity dividend amounting to Rs 8.00 per share. At the current share price of Rs 171.55 per share, Indian Oil Corporation Ltd.'s dividend yield is 4.69%.

Indian Oil Corporation Ltd Bonus Share History: Indian Oil Corporation offered 5 bonuses issues since August 14, 2003. The PSU's last Bonus was announced in the ratio of 1:2 with ex-date fixed as June 30, 2022.

Indian Oil Corporation Ltd Technical: Score is 74.7 indicating the stock is technically strong. Stocks with score above 70 are considered as technically strong. RSI is 51.0, RSI below 30 is considered oversold and above 70 overbought. MFI is 33.7, MFI below 30 is considered oversold and above 70 overbought. MACD is above its center and signal Line, this is a bullish indicator. Mutual Funds have increased holdings from 1.75% to 2.34% in March 2024 quarter. Number of FII/FPI investors increased from 788 to 824 in Mar 2024 quarter, according to Trendlyne.

Indian Oil Corporation About: Indian Oil Corporation Ltd is India's largest commercial ISO-9002 certified enterprise, is the highest ranked Indian company in the prestigious Fortune 'Global 500' listing. IOCL is the 20th largest petroleum company in the world, according to its official website.

Disclaimer: The stock has been picked from the brokerage report of Motilal Oswal. 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.