Buy Indian Oil Corporation, target price Rs 79.7 : ICICI Direct

ICICI Direct has buy call on Indian Oil Corporation with a target price of Rs 79.7. The current market price of Indian Oil Corporation is Rs 79.15. 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 77.4.

Indian Oil Corporation, incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 110286.87 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 K C Mehta & Co as its auditors. As on 30-09-2022, the company has a total of 1,412 Crore shares outstanding.

Investment Rationale
Price sustaining above the recent falling channel breakout area. Buying demand emerging from 50 days EMA signalling positive bias.

Promoter/FII Holdings
Promoters held 51.5 per cent stake in the company as of 30-Sep-2022, while FIIs owned 16.59 per cent, DIIs 11.23 per cent.