Sell Indian Oil Corporation, target price Rs 71: Suruchi Kapoor

Suruchi Kapoor of Edelweiss Financial Services has a sell call on Indian Oil Corporation Ltd. with a target price of Rs 71.0 . The current price of Indian Oil Corporation Ltd. is Rs 78.75 Time period given by the analyst is Intra Day when Indian Oil Corporation Ltd. price can reach defined target. . Suruchi Kapoor recommended to keep a stoploss at Rs 83 .

Indian Oil Corporation Ltd., incorporated in 1959, has a market cap of Rs 74136.50 crore.

Investment Rationale


The stocks is trading below SAR and directional oscillators are also trading negative.


Financials

For the quarter ended December 31, 2019, the company reported consolidated sales of Rs 123929.51 crore, up 11.52 per cent from last quarter sales of Rs 111128.70 crore and down -12.12 per cent from last year same quarter sales of Rs 141016.49 crore. The company reported net profit after tax of Rs 2477.17 crore in the latest quarter.

Promoter/FII Holdings

Promoters held 51.49 per cent stake in the company as of March 31, 2020, while FIIs held 7.19 per cent, DIIs 13.52 per cent and public and others 27.80 per cent.