Rs 7/Share Dividend: Refineries PSU To Go Ex-Date In July, How To Be Eligible? Buy/Sell?

Large cap public sector undertaking Indian Oil Corporation Ltd (IOC) share will trade ex-dividend next month on July 12, 2024 for Rs 7/share. Current market price of Indian Oil Corporation share on BSE is Rs 164.30 per share. In last 2-weeks, IOC share declined 2.67% but surged 83% in last 1-year. Four leading analysts have already recommended buy and add call for Indian Oil Corporation shares. IOC has already recommended 5 bonuses since August 14, 2003. Check key details below:

Should You Buy Indian Oil Corporation Shares? Nomura has issued buy call to IOC shares with target price of Rs 195 per share. Citi recommended buy call as well to Indian Oil Corporation shares with target price of Rs 205 per share. Emkay Global assigned add call to Indian Oil Corporation stock with target price of Rs 180/share. Motilal Oswal is bullish on Indian Oil Corporation shares and gave buy rating with target price of 195. Sumeet Bagadia of Choice Broking too has buy on IOC stock and gave buy rating with maximum target price of Rs 200.

LIC Stake In IOC: LIC has 6.92% stake in IOC with 977,788,060 shares of the IOC.
Indian Oil Corporation Dividend: IOC recommended Rs 7 per share dividend and already declared July 12 as record date. As per the BSE filing of Indian Oil Corporation issued as on May 30, "Friday, July 12, 2024, as the Record Date for the purpose of determining eligibility of members to receive final dividend for the year ended March 31, 2024."

IOC Dividend History: Indian Oil Corporation declared 39 dividends since August 27, 2001. In last 1-year, IOC declared an equity dividend amounting to Rs 8.00 per share. At the current share price of Rs 164.30, IOC gives a dividend yield of 4.87%.

Indian Oil Corporation Share Performance: Indian Oil Corporation shares declined 1.50% in last 1-week, gained 26% year-to-date, soared 127% in last 2-years, and offered return of 121% in last 3-years span. In last 5-years, IOC shares rallied 59%. The 52-week high price of IOC shares on BSE is Rs 196.80 per share (08/02/2024) and 52-week low price is Rs 85.51 per share (26/10/2023), respectively. IOC has a market capitalisation of Rs 2,32,011.95 crore.

How To Be Eligible For IOC Dividend? Record date plays key role in deciding eligibility of shareholders for obtaining dividend. Traders whose name reflect in company's shareholders record as on the record date will be eligible to earn dividend declared by the company. Record date is the specific day on which a company confirms the list of shareholders eligible for its dividend distribution. IOC set July 12 as the record date for final dividend.

IOC Bonus Issue History: Indian Oil Corporation Ltd. has given 5 bonuses since Aug. 14, 2003. The last Bonus that Indian Oil Corporation declared was in the ratio of 1:2 with ex-bonus date set as June 30, 2022.

IOC's JV With Singapore's Sun Mobility: IOC has already given approval for formation of Joint Venture Company for battery swapping business in India as a Private Limited Company with 50:50 collaboration between IndianQil and Sun Mobility Pte. Ltd. Singapore (SMS). The JV will carry out the deployment and operation of battery-as-a-service solution (BAAS) for two-wheeler, three-wheeler, and four-wheeler vehicles, each with a gross vehicle weight lower than 2 tonnes (small format electric vehicle - SFEV) and retrofit to convert to SFEV using docks and batteries to enable their functioning as electric vehicles for SFEV-BAAS over a network of swap points including Indian Oil retail outlets, according to the BSE filing.

Indian Oil Corporation Ltd Q4: Indian Oil Corporation on April 30 declared a fall of 52% in its standalone net profit at Rs 4838 crore for the quarter ended March 2024 as compared to Rs 10,059 crore announced in the corresponding quarter of last year. IOC's revenue from operations fell 3% to Rs 2.19 lakh crore for Q4 as against Rs 2.26 lakh crore in the similar quarter of last year.

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 Choice Broking, Motilal Oswal, Nomura, and Citi. 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.