Buy Indian Oil Corporation, target price Rs 79.9: ICICI Direct

ICICI Direct has buy call on Indian Oil Corporation with a target price of Rs 79.9. The current market price of Indian Oil Corporation is Rs 80.08. Time period given by analyst is Intra Day when Indian Oil Corporation price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 77.7.

Indian Oil Corporation, incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 112899.30 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 31-12-2022, the company has reported a Consolidated Total Income of Rs 233876.46 Crore, up .03 % from last quarter Total Income of Rs 233800.98 Crore and up 40.48 % from last year same quarter Total Income of Rs 166482.22 Crore. Company has reported net profit after tax of Rs 732.22 Crore in latest quarter.

The company’s top management includes Mr.Shrikant Madhav Vaidya, Mr.Krishnan Sadagopan, Mr.Sudipta Kumar Ray, Mr.Prasenjit Biswas, Dr.Dattatreya Rao Sirpurker, Dr.Ashutosh Pant, Mr.Dilip Gogoi Lalung, Mr.Sujoy Choudhury, Ms.Sukla Mistry, Mr.D S Nanaware, Mr.V Satish Kum, Ms.Indrani Kaushal, Mr.Navneet Mohan Kothari, Ms.Lata Usendi, Mr.Sandeep Kumar Gupta, Mr.Ranjan Kumar Mohapatra, Dr.S S V Ramakumar, Mr.G K Satish, Prof. (Dr)Ram Naresh Singh. Company has V Singhi & Associates as its auditors. As on 31-12-2022, the company has a total of 1,412 Crore shares outstanding.

Investment Rationale
Price sustaining below above recent trendline breakout area and 50days EMA suggest further upsides in coming sessions.

Promoter/FII Holdings
Promoters held 51.5 per cent stake in the company as of 31-Dec-2022, while FIIs owned 7.01 per cent, DIIs 11.53 per cent.