Shares of Indian Oil Corporation (IOC) fell more than 1% Record date for issue of bonus shares on BSE in Friday’s trading session 73. The stock commenced ex-bonus trading from Thursday, June 30, 2022.
The Oil Marketing Company (OMC) had made an announcement on May 17 regarding issuance of its bonus shares. The issue of bonus shares is in the ratio 1:2 i.e. one new bonus equity share for every two existing equity shares and the same is 1st July. bonus share Fully paid-up shares are additional shares issued by a company to its existing shareholders.
“Accordingly, the share price has been adjusted against the opening price of 73/against the closing price of the share 110/share yesterday. Therefore, we revise our target price 85/share after this corporate action. We maintain our hold rating Indian Oil sharesDomestic brokerage and research firm ICICI Securities said in a note.
According to the brokerage, the key triggers for future price performance are, global product cracks remain at higher levels, passing of higher retail prices of petrol and diesel to clients (due to higher cost of crude), profitability of the pipeline segment has been more frequent than in the past. A few years, and consistent dividend payments.
Indian Oil Corporation (IOC) is India’s largest refining and marketing company with a refining capacity of about 70 MMT. IOC operates 32062 retail outlets as of the end of FY 2011. petrol and diesel Together they historically constitute about 52% of marketing sales.
IndianOil reports 31% decline in net profit for the fourth quarter ended March 2022 6,021 crore as record refining margins were wiped out by a margin squeeze in petrochemicals and losses on auto fuel sales. State-run oil marketing company reported revenue of 2,06,461 crore during the quarter as compared to There was a turnover of Rs 1,63,733 crore in the corresponding quarter of the last financial year.
The views and recommendations given above are those of individual analysts or broking companies and not Mint