IOC m-cap surpasses Rs 2 lakh crore; shares hit new all-time high
NEW DELHI: Fuelled by the recent decision on revision in petrol and diesel prices on a daily basis, the shares of Indian Oil Corporation (IOC) hit fresh all-time high of Rs 428.70 in intraday trade on Thursday. The market capitalisation (m-cap) of the oil marketing company also surpassed Rs 2 lakh crore for the first time ever.
Shares of the company were trading 3.52 per cent up at Rs 423.30 around 3 pm (IST). The scrip opened at Rs 410 and touched an intraday high and low of Rs 428.70 and Rs 408.30, respectively, in trade so far.
Benchmark BSE Sensex was trading 165 points, or 0.56 per cent, down at Rs 29,476.61.
Other OMCs BPCL and HPCL were also trading higher by 1.99 per cent and 3.05 per cent, respectively, around same time.
Oil retailers on Wednesday had announced that come May 1, petrol and diesel prices will change every day in sync with international rates, much like what happens in most advanced markets.
State-owned fuel retailers IOC, BPCL and HPCL, which own over 95 per cent of nearly 58,000 petrol pumps in the country, will launch a pilot for daily price revision in five select cities from May 1 and gradually extend it to all over the country.
On the upcoming quarterly results for the January-March period, HDFC Securities in a report said, “Results of downstream players will be weak sequentially led by a fall in gross refining margins, strong rupee and absence of huge inventory gains that OMCs enjoyed in 3QFY17. IOC is our top picks among OMCs.”
Manav Chopra, Head Technical Analyst, Monarch Networth Capital is also bullish on IOC and said, “The overall trend is bullish and momentum indicators suggest a strong rally, which is confirmed by above average volumes. Stock can touch Rs 455 in coming trading sessions.”
Shares of the company were trading 3.52 per cent up at Rs 423.30 around 3 pm (IST). The scrip opened at Rs 410 and touched an intraday high and low of Rs 428.70 and Rs 408.30, respectively, in trade so far.
Benchmark BSE Sensex was trading 165 points, or 0.56 per cent, down at Rs 29,476.61.
Other OMCs BPCL and HPCL were also trading higher by 1.99 per cent and 3.05 per cent, respectively, around same time.
Oil retailers on Wednesday had announced that come May 1, petrol and diesel prices will change every day in sync with international rates, much like what happens in most advanced markets.
State-owned fuel retailers IOC, BPCL and HPCL, which own over 95 per cent of nearly 58,000 petrol pumps in the country, will launch a pilot for daily price revision in five select cities from May 1 and gradually extend it to all over the country.
On the upcoming quarterly results for the January-March period, HDFC Securities in a report said, “Results of downstream players will be weak sequentially led by a fall in gross refining margins, strong rupee and absence of huge inventory gains that OMCs enjoyed in 3QFY17. IOC is our top picks among OMCs.”
Manav Chopra, Head Technical Analyst, Monarch Networth Capital is also bullish on IOC and said, “The overall trend is bullish and momentum indicators suggest a strong rally, which is confirmed by above average volumes. Stock can touch Rs 455 in coming trading sessions.”
