Govt-Owned Stock On Buy Call For 72% Return, Interim Dividend, PAT Up 65%: ICICI Securities

Navratna stock Oil India Ltd has fixed record date for interim dividend. The company has fixed November 22, 2022 as the record date for payment of interim dividend. Meanwhile, leading brokerage firm, ICICI Securities has assigned buy call to Oil India Ltd with a target price of Rs 335 apiece. Check key takeaways below:

1. ICICI Securities Assigns Buy Rating

Brokerage house ICICI Securities has assigned buy call to Oil India with a target price of Rs 335 apiece and a potential return of 72%.

2. Oil India Fixes Record Date To Pay Interim Dividend

The board of directors of Oil India stated in the regulatory filing, "Declared lnterim Dividend oI Rs. 4.5/- per share (45% of paid'up caPital) for the financial Year 2022 23. The lnterim dividend declared shall be paid on or before loth December, 2022. Decided Tuesday, 22"d November, 2022 as the Record Date for ascertainin8 the eligibility of shareholders for payment of lnterim Dividend 2022 23."

3. Oil India Latest Quarterly Results

Oil India Ltd declared a 64.65% surge in its consolidated net profit to Rs 1896 crore for the quarter ending September 30, 2022 (Q2 FY 23) tenure compared to Rs 1151 crore in the same quarter last year. But, Q2 PAT fell by 32.40% from q1 FY 23 figures where profit remained at Rs 2805.16 crore.
Meanwhile, consolidated revenue from operations stood at Rs 10,123 crore in Q2 FY 23, higher by 39.55% compared to revenue of 7,254 crore in Q2 FY 22.

4. Oil India About

Oil India Limited (OIL) is a fully integrated Exploration & Production company in the upstream sector, with origin dating back to the glorious year (1889) of oil discovery in India.

A Navratna Company, OIL is a state-owned enterprise of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas and is the second largest national oil and gas company in India, according to its official website.

Disclaimer

The stock has been picked from the brokerage report of ICICI Securities. 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.