As IOC shares double in last 1 yr, should you buy more? Here’s what analysts suggest
.jpg)
Indian Oil Corp Ltd rose as much as 4.17% to its record high of Rs 413.80 on the BSE today, extending its gains from Friday. On Friday, IOC shares were up 3.55%, riding high on the back of news about the companies contemplating daily revision of retail fuel prices.
Shares of other state-owned oil marketing companies Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd had also risen significantly on Friday, based on the same sentiments that caused IOC shares to jump.
As of Friday’s close, the stock price of IOC has soared 93.3% in one year, vastly outperforming the 21.9% gain for the benchmark NSE Nifty 50 index. Recently, IOC has been in news due to reports of it going ahead with the proposed expansion of its Paradip Refinery and inclusion of its shares in the benchmark NSE Nifty 50 Index.
As per Thomson Reuters data, out of 32 analysts covering the stock, 28 have recommended “buy” or “strong buy” and only one analyst has recommended “sell” with the remaining three analysts recommending “hold”.
Other Latest News
.webp)
Tesla CEO Elon Musk deferring his India visit this week has had no effect on buzz that his company will eventually have a base for electric vehicles (EV) in the country.
Analysts say Musk deferred his visit to meet Prime Minister Narendra Modi due to Lok Sabha elections when the government attention is focused on campaigning and it cannot announce major policy.
.webp)
Bajaj Finserv Ltd (BFL) on Friday reported a 20 per cent increase in consolidated net profit to Rs 2,119 crore for the March quarter.
The company had posted a net profit of Rs 1,769 crore in the year-ago period.
.webp)
Prime Minister Narendra Modi on Thursday claimed that former premier Rajiv Gandhi abolished the inheritance tax in 1985 after the death of his mother Indira Gandhi to save her wealth from going to the government, continuing his attack on the Congress on the wealth redistribution issue.
Addressing an election rally in Madhya Pradesh's Morena city, Modi alleged that Congress wanted to bring back the inheritance tax or estate duty, a levy imposed on inherited movable and immovable assets.
.webp)
Shares of Housing & Urban Development Corporation (HUDCO) hit a record high of Rs 234.30, zooming 15 per cent on the National Stock Exchange (NSE) in Friday's intra-day trade amid heavy volumes on expectations of good growth going forward. Last week, the Department of Public Enterprises (OPE) granted the Navratna Status to HUDCO.
The stock of the state-owned financial institution surpassed its previous high of Rs 226.95 touched on February 2, 2024. It has bounced back 43 per cent from the low of Rs 163.80 hit on March 13.
.webp)
Shares of GMR Airports Infrastructure shot up 8.2 per cent at Rs 92.34 a piece on Friday’s intraday trade. A combined 3.07 million shares of the company changed hands on the BSE. In comparison the S&B BSE Sensex fell by 0.31 per cent 74,109 levels.
The stock of GMR Airports reached a 52-week high of Rs 94.30 on February 20, 2024, while it hit a 52-week low at Rs 40 on May 29, 2023.
.webp)
.webp)
.webp)
.webp)
.webp)
