Oil India Dividend: Rs.2.50 Payout, 30 August Record Date; Time For Profit Booking?

The second-largest national oil and gas firm in India, Oil India is a Maharatna corporation that is a state-owned enterprise of the Indian government, managed by the Ministry of Petroleum and Natural Gas. OIL is present throughout all of India in addition to holding a Participating Interest (PI) in blocks in seven other nations: Libya, Bangladesh, Gabon, Nigeria, Mozambique, Venezuela, and Russia.

Oil India Dividend

"The Board had recommended Final Dividend of Rs.2.50 per equity share (Post Bonus Issue- 2024) having face value of Rs. 10/- each for financial year 2023-24, subject to the approval of the shareholders of the Company and it would be paid to those members, whose name appears: a) As Beneficial Owners as at the end of working hours on Friday, 30 August, 2024 (Record Date) as per the list to be fumished by NSDL/CDSL in respect of shares held in electronic form. b) As Member in the Register of Members of the Company as on Friday, 30 August, 2024, in respect of shares held in physical form. Further, shareholders who are holding shares in physical form are requested to dematerialize the shares at the earliest," said Oil India in a statement.

Oil India Results

Compared to Rs 2,332.94 crore in Q1FY24, the company's net profit dropped 14% to Rs 2,016.30 crore in Q1FY25. Revenue plunged by 8% to Rs 8,120.21 crore in the quarter that ended on June 30, 2024, from Rs 9,147.01 crore in the same period the previous year. Compared to Rs 3,261.23 crore in the same quarter of FY24, EBITDA decreased by 4% to Rs 3,141.95 crore in the quarter under review. With a 6.22% rise in crude oil output and a 9.80% increase in natural gas production from Q1 FY24 to Q1 FY25, Oil India is seeing amazing development in both areas of its operations.

Oil India Share Price Target

KKunal V Parar - VP of Technical Research and Algo at Choice Broking said, "The stock is currently trading in uncharted territory with above-average volume, indicating a positive rhythm. It is also trading above its 50-day moving average, supporting the bullish trend. However, the daily chart reveals a Bearish Engulfing candlestick pattern, which suggests some weakness."

"Additionally, the daily momentum indicator, RSI, has formed a negative divergence, pointing to a potential downturn in momentum. Based on this technical structure, we expect some near-term profit booking, with possible downside levels of 615 to 600. However, the long-term trend remains positive, and a bounce-back from these levels is likely," the analyst recommended.

Disclaimer

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