IOC Share Price Target 2024, Rs 7 DIVIDEND: BUY PSU stock under Rs 200?

Authored by : Rishabh Raj Updated Jun 15, 2024 | 11:39 AM IST IOC Share Price Target 2024, Rs 7 DIVIDEND: From June 14's closing price of Rs 170.36, Motilal Oswal's target represents a potential upside of up to 14.46 per cent. (Image: iStock/ET NOW News)

IOC Share Price Target 2024 , Rs 7 DIVIDEND: Brokerage firm Motilal Oswal is bullish on the state-owned Indian Oil Corporation (IOC) Limited and have given a 'BUY' rating to the PSU's shares. IOC earlier this year in April announced its fourth quarterly results for the fiscal year 2024 (Q4 FY24). Besides, the state-run company had also declared Rs 7 as dividend for its shareholders. The record date for the same is in July.

IOC is an oil and gas company under the administrative control of the Ministry of Petroleum and Natural Gas. The PSU stock currently trades under Rs 200.

Indian Oil (IOC) Share Price Shares of IOC on Friday, June 14 closed at Rs 170.36 apiece on NSE, up 0.83 per cent against its previous closing price.

At the current market price, the PSU stock is trading above its key short-term and long-term moving averages viz. 5-day, 10-day, 20-day, 50-day, 100-day, and 200-day exponential moving averages (EMAs).

Indian Oil (IOC) Q4 Results 2024 For the quarter ended March 31, 2024, the company's consolidated total income was Rs 2,00,103.28 crore, a decline of 0.53 per cent compared to Rs 2,01,173.88 crore in the previous quarter, and a decrease of 2.43 per cent compared to Rs 2,05,087.53 crore in the same quarter last year.

The company reported a net profit after tax of Rs 5,251.38 crore in the latest quarter.

Indian Oil (IOC) Dividend 2024 Announcement Indian Oil in its Q4 result announced to pay 70 per cent dividend to its shareholders on each stock of face value Rs 10. The 70 per cent dividend payout translates into an amount of Rs 7.

"The Board has recommended a final dividend of 70 per cent for the year 2023-24 i.e. Rs 7 per equity share of face value of Rs 10 each on the paid-up share capital," the company said in a filing.

Indian Oil (IOC) Dividend 2024 Record Date The Board of Directors of IOC at its meeting on May 30 fixed the record date as July 12, 2024 to determine the eligibility of the shareholders who would be entitled to receive the dividend payment.

"Friday, July 12, 2024, as the Record Date for the purpose of determining eligibility of members to receive final dividend for the year ended March 31, 2024," the company said in an exchange filing.

Indian Oil Dividend 2024 Payment Date According to a statement by Indian Oil, Rs 7 dividend will be paid to eligible shareholders within 30 days from the date of declaration at the AGM.

"The final dividend would be paid within 30 days from the date of declaration at the AGM," Indian Oil said further in the filing.

Indian Oil (IOC) Share Price Target 2024, 2025

Motilal Oswal has a 'BUY' call on IOC with a target price of Rs 195. From June 14's closing price of Rs 170.36, this target represents a potential upside of up to 14.46 per cent.

Indian Oil (IOC) Share Price History IOC is a constituent of S&P BSE 100 and boats a market cap of Rs 2,40,484.69 crore, as of June 14.

Its shares, as per BSE Analytics, has appreciated 30.65 per cent so far in 2024 and 82.92 per cent in over an year. Looking back further, the PSU stock delivered a whopping return of 131.5 per cent in the past two years.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)