1:2 Bonus Share Paying Maharatna PSU Stock: Record Date In 2 Days On 2 July; Buy/Sell?

With the PSU stock set to trade ex-bonus in two days on July 2, Oil India Limited (OIL), the oldest oil and gas company in India and the latest Maharatna CPSE of the Government of India, will be the focus of attention this week. The corporation announced bonus shares in a 1:2 ratio, with July 2nd set as the record date. With a market valuation of Rs 78,375.39 Cr, Oil India's shares wrapped up Friday 2.14% higher at Rs 722.75 a share.

Oil India Upcoming Bonus Shares

"The Board has recommended issue of Bonus Shares in the ratio of 1:2 i.e. 01 (one) equity share of Rs. 10/- each for every 02 (Two) existing equity shares of Rs. 10/- each fully paid up subject to the approval of shareholders through Postal Ballot [E-Voting]. The Board has fixed Tuesday, 02nd July, 2024 as Record Date to determine the eligibility of shareholders to receive bonus shares," said Oil India in a stock exchange filing.

Oil India Latest News

Recently on 28th June, the company informed stock exchanges that Shri Mani Dhair Gupta, Executive Director (F&A), one level below the Board of Directors, will be superannuating from the services of the company on 30th June,2024.

Also on the same day the Board of Directors of Oil India approved the appointment of Shri Rupam Barua, ED (F&A) as Chief Financial Officer [CFO] of the company w.e.f. 01st July, 2024.

"Further, it is also informed that Shri Harish Madhav, Director (Finance) & CFO and Dr. Manas Kumar Sharma, Director (Exploration & Development) will cease to be Directors on the Board of the Company w.e.f. 1st July 2024 on attaining the age of superannuation on 30th June 2024," said Oil India in a regulatory filing.

Oil India Share Price Target

KKunal V Parar - VP of Technical Research and Algo at Choice Broking said, "Based on the current technical analysis, the stock has recently broken out from a Flag formation, signalling a bullish reversal and potentially indicating an upward trend. Furthermore, the stock has entered uncharted territory with above-average trading volume, suggesting strong potential for further upside. Additionally, the stock has consistently traded above all of its long-term moving averages, confirming its upward trend."

"The daily momentum indicator, RSI, is trending above the 50 level with a positive crossover, indicating strong bullish momentum. Given these technical indicators, we anticipate a significant upward movement in the stock, potentially targeting levels between 770 and 836, with a strict stop-loss at 674," the analyst further added.

Disclaimer

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