1:2 Bonus, Rs 3.75/Sh Dividend: Oil PSU Issues Bonus Share Allotment Update, Buy For TP Rs 790

Oil India Ltd shares gained 95% year-to-date and rose 200% in last 1-year. Today Oil India Ltd issued update on bonus share allotment. Oil India shares traded ex-bonus on July 2, 2024 in the ratio of 1:2. Current market price of Oil India share on BSE is Rs 492.80 per share with intraday decline of 0.36%. Oil India has a market capitalisation of Rs 80,159.23 crore. Oil India Ltd has a PE of 9.66 and ROE of 12.58. The PSU on may 20 declared 1:2 bonus share and approved a final dividend of Rs 3.75 per share for financial year 2023-24. Oil India is yet to announce the record date for dividend. Leading brokerage firm IIFL Securities has recommended buy call to Oil India Ltd shares with target price of Rs 790 per share. Check key details below:

Oil India Ltd Issues Update On Bonus Share Allotment: According to the BSE filing issued as on July 4, "Further to our letters dated 20.05.2024, 22.05.2024 & 24.06.2024 regarding lssue of Bonus Equity Shares, we hereby inform that Committee of the Board has approved allotment of 54,22,02.597 equity shares of Rs.10/- each as fully paid-up Bonus Equity Shares on Thursday, O4th July,2024 in the proportion of 1:2 i.e. 1 (One) Bonus Equity Share of Rs.10 each for every 2 (Two) existing Equity Shares of Rs.10/- each held, to the eligible Members whose names appear in the Register of Members / list of beneficial owners as on Tuesday,02nd luly,2OZ4 [Record Date]."

IIFL Securities Has Buy On Oil India Ltd Share: As per the report of IIFL Securities, the analyst has suggested traders to buy Oil India stock with an entry price of Rs 723 per share and maintain the target price of Rs 760 per share and Rs 790 per share. The analyst suggested to keep the stop loss at Rs 686/share.

Oil India Share Performance & Return: Oil India shares offered stunning rally of over 24% in last 1-month, jumped 93% in last 6-months, rose 266% in last 2-years, and offered return of 336% in last 3-years. The 52-week high price of Oil India share on BSE is Rs 510.95 apiece (as on 02/07/2024) and 52-week low price is Rs 164.35 per share (as on 05/07/2023), respectively.

LIC Stake In Oil India: Life Insurance Corporation Of India (LIC) has 8.04% stake in Oil India with 87,156,697 shares of the PSU.

Oil India Dividend: The May 20 BSE filing of Oil India stated, "It is further informed that the Board has recommended a final dividend of Rs. 3.75 per equity share having face value of Rs. 10/- each (pre-bonus), which translates into final dividend of Rs. 2.50 per equity share having face value of Rs. 10/- each (post-bonus) for financial year 2023-24, subject to the approval of the shareholders of the Company. The final dividend would be paid within 30 days from the date of declaration at the AGM. The final dividend is in addition to the Interim Dividend of Rs. 3.50/- (pre-bonus) and second Interim Dividend of Rs. 8.50/- (pre-bonus) paid for the financial year 2023-24.

Oil India Ltd Q4: Oil India announced its revenue from operations zoomed 16% to Rs 10,166 crore from the year-ago period. EBITDA of Oil India rose to Rs 3838 crore. Its crude oil earnings before interest and tax (EBIT) announced at Rs 1,744.75 crore, up 18% from the previous year. EBIT for the natural gas segment announced at Rs 687.34 crore as against Rs 823.55 crore in the previous year. Oil India declared it achieved its highest ever EBIDTA of Rs 11,643.30 crore for FY24. Its crude oil production in Q4 rose 6% from last year with an overall rally of 5.76% to 3.359 MMT in FY24, as against 3.176 MMT produced during FY23, according to Oil India's press release.

About: Oil India Limited (OIL) is a fully integrated Exploration & Production company in the upstream sector, with origin dating back to the glorious year (1889) of oil discovery in India. A Maharatna Company, OIL is a state-owned enterprise of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas and is the second largest national oil and gas company in India, according to its official website.

Disclaimer:

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