Manoj Murlidharan of Religare Securities told CNBC-TV18, "Even yesterday, Indian Oil Corporation (IOC) was more or less flat, around 1-1.5 percent down. It is oil & gas and telecom where we have seen good buying happening and that might be a respite for the cash selling we are seeing in all the other sectors. Even if you take the culmination of banks, pharmaceutical, IT and FMCG, close to 68 percent of weigthage in Nifty and we have seen that money come out and some is going to telecom and oil and gas. So IOC tops the list and we have seen good cash base buying happening."
"So IOC is a buy, the stop loss we suggest should be Rs 342," he added.
The company's trailing 12-month (TTM) EPS was at Rs 21.72 per share. (Mar, 2015). The stock's price-to-earnings (P/E) ratio was 16.94. The latest book value of the company is Rs 293.52 per share. At current value, the price-to-book value of the company was 1.25. The dividend yield of the company was 2.36 percent.
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