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Hold Indian Oil Corporation; target of Rs 85: ICICI Direct

ICICI Direct recommended hold rating on Indian Oil Corporation with a target price of Rs 85 in its research report dated June 30, 2022.

June 30, 2022 / 05:47 PM IST
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ICICI Direct's research report on Indian Oil Corporation

Indian Oil Corporation (IOC) is India’s largest refining & marketing company with an installed refining capacity of ~70 MMT. IOC operates 32062 retail outlets as of end of FY21 • Petrol and diesel together historically constitute ~52% of marketing sales.


Hence, we revise our target price to Rs 85/share post this corporate action. We maintain our HOLD rating on the stock and value IOC at an average of P/E multiple: Rs 89/share and P/BV multiple: Rs 81/share.

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At 17:30 Indian Oil Corporation was quoting at Rs 74.25, down Rs 35.55, or 32.38 percent.

It has touched an intraday high of Rs 75.90 and an intraday low of Rs 73.75.

It was trading with volumes of 2,722,601 shares, compared to its thirty day average of 1,242,740 shares, an increase of 119.08 percent.

In the previous trading session, the share closed up 1.29 percent or Rs 0.93 at Rs 73.20.

The share touched its 52-week high Rs 94.50 and 52-week low Rs 67.73 on 09 November, 2021 and 20 June, 2022, respectively.

Currently, it is trading 21.43 percent below its 52-week high and 9.63 percent above its 52-week low.

Market capitalisation stands at Rs 104,850.19 crore.

For all recommendations report, click here

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first published: Jun 30, 2022 05:47 pm
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