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Promoters held 51.5 per cent stake in the company as of 30-Jun-2023, while FIIs owned 7.56 per cent, DIIs 11.54 per cent. ICICI Securities has buy call on Indian Oil Corporation with a target price of Rs 120. The current market price of Indian Oil Corporation is Rs 93.48. Indian Oil Corporation, incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 132033.58 Crore) operating in Gas & Petroleum sector. Indian Oil Corporation key Products/Revenue Segments include Petroleum Refinery Products, Other Operating Revenue, Scrap, Sale of services, Other Services and Subsidy for the year ending 31-Mar-2022. Financials For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 199165.39 Crore, down -2.89 % from last quarter Total Income of Rs 205087.53 Crore and down -11.10 % from last year same quarter Total Income of Rs 224037.37 Crore. Company has reported net profit after tax of Rs 14396.16 Crore in latest quarter. Investment Rationale Global recession worries and lack of demand momentum in China in Q1FY24 have led to a sharp pull-back in GRMs, with SG GRMs declining by USD 4.1/bbl QoQfor the quarter and IOCL in turn seeing a […]
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