Mammoth Returns In 6-Months, Dividend On April 30: Buy Multibagger Energy PSU, TP Rs 187

Board of Directors of Indian Oil Corporation Ltd are scheduled to hold a meeting on April 30 to consider declaration of final dividend for the financial year 2023-24, if any. The company will also consider and approve financial results on April 30, 2024. Last trading price of Indian Oil Corporation share on BSE is Rs 172.80 per share with intraday gain of 2.40% as on April 10, 2024. The PSU has a market capitalisation of Rs 2,44,015.00 crore. IOC share offered shareholders return of 96% in last 6-months and 122% in last 1-year. Check details below:

Indian Oil Corporation To Consider Final Dividend: As per the regulatory filing of the company dated April 10, 2024, "a 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 76.76 per share (17/04/2023), respectively. Indian Oil Corporation shares zoomed 32% in last 3-months, gained 33% YTD, offered return of 104% in last 2-years, and surged 183% in last 3-years.

Should You Buy Indian Oil Corporation? According to Sagar Doshi, Senior Vice President-Research, Nuvama Professional Clients Group said, IOC shares witnessed a stunning surge from Dec'23 as prices soared from levels of 100 to 180. Since the beginning of February 24, IOC stock recorded a time and price correction. Recently, prices have not only given a swing breakout but have also been able to breach the trend line, which has been active since the recent high. Strong volume supported by a swing breakout indicates the presence of strong hands. The analyst has urged to keep the stop loss at Rs 168 per share and target price of Rs 187 per share.

Meanwhile, Kunal Saraogi of Equityrush recommends buying Indian Oil Corporation Ltd (IOCL) futures for targets of Rs 179 and Rs 182 with stop loss at Rs 171.5.

Indian Oil Corporation About: Indian Oil Corporation Ltd. (IOCL), 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 Nuvama Professional Clients Group and Equityrush. 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.