Hold Indian Oil Corporation, target price Rs 80: JM Financial

JM Financial has given a hold rating to Indian Oil Corporation with a target price of Rs 80. The share price moved up by 0.13 per cent from its previous close of Rs 78.10. The stock’s last traded price is Rs 78.20.

Indian Oil Corporation Ltd., incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 73477.51 Crore) operating in Gas & Petroleum sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 60528.68 Crore, down 48.71 % from last quarter Sales of Rs 118007.32 Crore and down 53.90 % from last year same quarter Sales of Rs 131296.73 Crore. The Company reported net profit after tax of Rs 2129.23 Crore in latest quarter.

Promoter/FII Holdings
Promoters held 51.49 per cent stake in the company as of March 31, 2020, while FIIs held 7.19 per cent, DIIs 13.52 per cent and public and others 27.80 per cent.