Moneycontrol
Feb 12, 2018 12:07 PM IST | Source: Moneycontrol.com

Oil India gains 2% on strong Q3 nos, bonus recommendation; Jefferies keeps buy

The board at its meeting held on February 09 recommended issue of bonus shares in the ratio of 1:2, subject to approval of the shareholders.

 
 
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Share price of Oil India gained 2.7 percent intraday Monday on the back of strong Q3 numbers and recommendation of bonus issue.

The company has posted 55 percent increase in Q3 net profit at Rs 705.22 crore against Rs 454.69 crore in the same quarter last fiscal.

The board at its meeting held on February 09 recommended issue of bonus shares in the ratio of 1:2, subject to approval of the shareholders.

The company declared interim dividend of Rs 14 per share (i.e. 140 percent) for the year 2017-18.

Brokerage: Jefferies | Rating: Buy | Target: Rs 465

Broking house Jefferies has maintained buy rating on the stock with a target Rs 465 per share. According to firm, the valuations are inexpensive at 8.3x FY19 P/E. Realisations is remain a key for earnings & the share price.

Brokerage: Nomura | Rating: Neutral | Target: Rs 360

Nomura has maintained neutral rating on Oil India with a target of Rs 360 per share. The research firm believes that stronger oil price will support near-term earnings. Operationally, there’s still not much to cheer, it added.

At 11:25 hrs Oil India was quoting at Rs 362.55, up Rs 6.20, or 1.74 percent on the BSE.

Posted by Rakesh Patil
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