IOC Share Price Target 2024: Rs 7 Dividend in Q4 FY 2024; brokerage BULLISH! BUY, SELL, or HOLD

Authored by : ET Now Digital Updated May 5, 2024 | 03:45 PM IST IOC Share Price Target 2024: IOC last week announced its Q4 quarterly results. (Image: IOC/ET NOW News)

IOC Share Price Target 2024 , Stock under Rs 200: Brokerages and analysts are bullish on the state-owned Indian Oil Corporation ( IOC ) Limited and have given 'BUY' ratings to its shares. IOC last week announced its Q4 quarterly results (Q4 FY24). Besides, the state-run company has also made an announcement regarding dividend payment to its shareholders.

Indian Oil 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 Share Price Target 2024

Motilal Oswal has a 'BUY' call on IOC with a target price of Rs 195. The current market price of Indian Oil Corporation Ltd. is Rs 170.8 on BSE.

ET NOW panellist and market expert Nooresh Merani had earlier this week recommended BUY rating on IOC shares. He had said that that the set up is positive for IOC stock. The market expert believes that IOC shares can soon touch the levels of Rs 200.

Indian Oil 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 Dividend 2024 Record Date

Indian Oil so far hasn't announced any record date for its upcoming dividend. The company said that the record date will be announced in the due course. "The record date for payment of final dividend would be fixed and intimated in due course," IOC said in the 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 Share Price History

According to BSE Analytics as on May 5, Indian Oil shares have climbed 4.8 per cent in the last three months, 31 per cent in 2024 so far and 78 per cent in the past six months. The PSU stock has delivered a multibagger return of 106.60 per cent in the last one year to its investors, and has zoomed 180 per cent in the last three years.

Indian Oil shares have a 52-week range of Rs 196.80 - Rs 81.40. The company commands a market cap of Rs 2,38,578.32 as on May 1, according to BSE website.

IOC Dividend History

As per the BSE website, Indian Oil had in 2023 paid a dividend of Rs 8 on each stock to its investors. In 2022, the company distributed a dividend of Rs 6.40 on each stock. Back in 2021, the company rewarded its investors by paying a dividend of Rs 17 on each stock to its investors. At the current price, IOC's dividend yield stands at 3.69 per cent.

IOC Stock Split, Bonus History IOC has not split the face value of the share since January 1, 2000. The PSU has given five bonuses since August 14, 2003. The last Bonus that IOC announced was in the ratio 1:2 with ex-date of June 30, 2022.

(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.)

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