Petrochemicals Stock Sets Record Date For Dividend, Motilal Oswal Recommends Buy

Board of mid cap Petrochemicals sector stock, Castrol India Ltd approved final interim dividend and fixed record date. The company fixed May 4, 2023 as the record date. Current market price of Castrol India is Rs 119.95 apiece with intraday gain of 0.04%.

Motilal Oswal recommended investors to buy Castrol India with a target price of Rs 140 apiece and potential return of 18%. Check details below:

1. Castrol India Ltd Declares Final Interim Dividend

The BSE filing of the company stated, "recommended final dividend of INR 3.50/- per equity share of the face value of INR 5/- each for the financial year ended 31 December 2022 subject to approval by the Shareholders at the 45th Annual General Meeting."

2. Castrol India Stock Outlook & Return

The last trading price of the stock is Rs 119.95 apiece. Its 52-week high is Rs 136.80 apiece and 52-week low is Rs 99.20 apiece, respectively. The company has a market capitalisation of Rs 11,837.07 crore.

The stock gave a return of over 2% in last 1-year, 5% in last 6-months, and it declined 4% in last 3-months.

3. Valuation

According to Motilal Oswal's report date Nov 1, 2022, "We value the stock at 16x CY23E EPS to arrive at our TP target price of INR140. We maintain our Buy rating." The Indian Lubricants market is expected to grow at 4% in CY23, with the management expecting Cars to be the fastest growing segment, followed by CVs and Two-Wheelers.

4. Castrol India About

Castrol India Limited came into existence in 1979 as a private limited company under the name of Indrol Lubricants and Specialities Pvt. Ltd. It is a part of Castrol Limited UK (part of BP Group). BP through its wholly owned subsidiary Castrol Limited UK holds 51% stake in Castrol India.

It is engaged in the business of manufacturing & marketing of automotive and industrial lubricants and related services. 

Disclaimer

The stocks have 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.