Buy Indian Oil Corporation, target price Rs 84.25: ICICI Direct

ICICI Direct has buy call on Indian Oil Corporation with a target price of Rs 84.25. The current market price of Indian Oil Corporation is Rs 83.3. Time period given by analyst is Intra Day when the stock's price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 81.9.

Indian Oil Corporation, incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 117559.31 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 30-09-2022, the company has reported a Consolidated Total Income of Rs 233800.98 Crore, down -8.67 % from last quarter Total Income of Rs 256004.60 Crore and up 35.42 % from last year same quarter Total Income of Rs 172646.31 Crore. Company has reported net profit after tax of Rs -1156.88 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 SRB & Associates as its auditors. As on 31-12-2022, the company has a total of 1,412 Crore shares outstanding.

Investment Rationale
Bullish flag breakout and sustaining above 13 days EMA signaling further upward momentum.

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.