5 Bonuses 4.66% Yield: Energy PSU To Mull Dividend In 2 Days, Buy; TP Rs 195: Motilal Oswal

Large cap PSU operating in refineries and marketing industry, Indian Oil Corporation Ltd (IOC) is scheduled to hold meeting of Board of Directors on April 30, 2024 to consider financial results and final dividend. Last trading price of Indian Oil Corporation share on BSE is Rs 171.55 per share with intraday gain of 0.73% as on April 26, 2024. The PSU has a market capitalisation of Rs 2,42,249.84 crore. IOC shares offered return of 99.20% in last 6-months and soared 119% in last 1-year. Brokerage firm Motilal Oswal has recommended buy call to IOC shares with target price of Rs 195 apiece. It is worth mentioning here that Life Insurance Corporation Of India (LIC) has 6.92% stake in IOC with 977,788,060 shares. More details below:

Indian Oil Corporation Ltd To Consider Dividend: As per the BSE filing of IOC dated April 10, 2024, "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: 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 (27/04/2023), respectively. IOC shares gave return of 32% year-to-date, jumped 119% in last 1-year, offered eye-popping rally of 191% in last 3-years, and soared 290% in last 10-years.

IOC Inked JV With Panasonic Energy Co. Ltd: Earlier this year on March 31, 2024, Indian Oil Corporation Limited ("IndianOil") and Panasonic Energy Co. Ltd., a Panasonic Group Company, have signed a binding term sheet to draw a framework for formation of a JV for manufacturing cylindrical lithium-ion cells in India in anticipation of expanding demand for batteries for two-and three-wheel vehicles and energy storage systems in the Indian market.

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 4.66%.

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 74.6 indicating the stock is technically strong. Stocks with score above 70 are considered as technically strong. RSI is 53.8, RSI below 30 is considered oversold and above 70 overbought. MFI is 47.9, 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 Mar 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.