IOC Share Price: Shares of oil marketing company Indian Oil Corporation (IOC) rose over 3 per cent to Rs 75.55 on the BSE as the stock started trading ex-bonus in Thursday’s session. Last month, the company said that its board has considered and approved the bonus issue of shares.
The Board of Directors of the company in its filing said, “The Board has recommended issue of bonus shares in the ratio of 1:2 i.e. one new bonus equity share of Rs.10/- each for two existing equity shares of Rs. 10/- each fully paid subject to the approval of the shareholders through postal ballot.The Board has fixed July 1, 2022 as the record date for determining the eligibility of the shareholders to receive the bonus shares.
Indian Oil Corporation Limited, incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 1,00,119.58 Crore) operating in Gas & Petroleum sector. The major product/revenue segments of Indian Oil Corporation Limited include Petroleum Refinery Products, Other Operating Revenue, Other Services, Sales of Services, Scrap and Subsidies for the year ended 31-March-2021.
IOC Financial
IndianOil reported a 31 per cent decline in net profit for the fourth quarter ended March 2022 as record refining margins were wiped out by margin squeeze in petrochemicals and losses on auto fuel sales. Standalone’s net profit stood at Rs 6,021 crore in January-March as against Rs 8,781 crore in the same period a year ago. Sequentially, profit was up from Rs 5,861 crore in the previous quarter.
The state-run oil marketing company reported revenue of Rs 2,06,461 crore during the quarter under review, as against Rs 1,63,733 crore in the corresponding quarter of the previous fiscal. The company had said that the core gross refining margin (GRM) or the current price GRM for the year 2021-22, after offsetting the inventory gain, came down to $ 7.61 per barrel.
The board had also recommended a final dividend of Rs 3.60 per equity share having a face value of Rs 10 (pre-bonus), which translates into a final dividend of Rs 2.40 per equity share with a face value of Rs 10 each. (post-bonus). For the financial year 2021-22.
stock price history
The stock cited a 52-week low of Rs 67.73 and a high of Rs 94.5. At the current price, the stock traded at 4.25 times its 12-month EPS of Rs 17.78 per share and 0.82 times book value, according to BSE data. The stock has been a better performer by 4.97 per cent in the last one year as compared to a gain of 0.77 per cent in the Sensex.
What is Brokerage?
ICICI Securities has a buy call on Indian Oil Corporation with a target price of Rs 145. The current market price of Indian Oil Corporation is Rs 106.65. The time period given by the analyst is one year when Indian Oil Corporation Ltd. price can reach defined target.
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