Shares of Indian Oil Corporation (IOCL) on Thursday (May 2) traded marginally higher as brokerages revised their stance on the stock after the company reported its Q4FY24 numbers. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

As of 9:50 a.m., shares of Indian Oil Corporation traded 0.18 per cent higher at Rs 169.25 apiece on BSE. The market capitalisation of the company at around the same time stood at Rs 2,39,001.96 crore. 

IOCL reported its Q4 results on Tuesday during market hours. The state-run oil company reported a halving of its March quarter net profit largely because of losses in the petrochemical business and shrinking margin after it announced a pre-election fuel price cut despite rising input costs.

The net profit of Rs 4,837.69 crore in January-March compared to Rs 10,058.69 crore a year back and Rs 8,063.39 crore in the preceding October-December quarter, according to a stock exchange filing by the company.

Profit was lower as refining margins dipped, the petrochemical segment turned negative, and the firm, last month, cut petrol and diesel prices by Rs 2 per litre each despite crude oil prices edging up. Also, the company was not compensated for the Rs 1,017 crore loss it incurred on holding domestic cooking gas prices by the government, according to the filing.

IOCL dividend 

The company announced a Rs 7 per equity share dividend subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the company.

What should investors do?

Jefferies maintained a 'hold' and cut the target price to Rs 175 from Rs 215. CLSA continued with a 'sell' raised target to Rs 120 from Rs 115 apiece. Meanwhile,  JP Morgan iterated the 'overweight' rating and cut the target to Rs 195 from Rs 205 apiece. 

Additionally, Citi maintained a 'buy' and raised target to Rs 205 from Rs 195 apiece. Morgan Stanley maintained an 'overweight' rating and gave a target of Rs 191 apiece. 

Similarly, Nomura maintained 'buy' and gave a target of Rs 195 apiece. 

Also, Macquarie continued with an 'underperform' and gave a target of Rs 130 apiece.

IOCL share price: Past performance 

In a year, Indian Oil Corporation shares have gained over 105 per cent against Nifty50's rise of over 24 per cent. 

stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.