Indian Oil Bonus Shares: According to the government-owned Indian Oil Corporation Limited (IOC), it will issue bonus shares to its shareholders in a 1:2 ratio, meaning that for every two existing shares that investors now own, one additional bonus equity share will be granted. The record date for determining whether stockholders are eligible to receive bonus shares has been set by the IOC board for the next week, on Friday, July 1, 2022.
In a statement with the Securities and Exchange Commission, the board of directors of the firm stated, “The Board has recommended issue of Bonus Shares in the ratio of 1:2 i.e. one new bonus equity share of Rs. 10/- each for every two existing equity shares of Rs. 10/- each fully paid up. The record date for determining whether stockholders are eligible to receive bonus shares has been set by the Board to be July 1, 2022.
Incorporated in 1959, Indian Oil Corporation Ltd. is a large cap business with a market cap of Rs. 1,00,119.58 crores that operate in the gas and petroleum industry. For the fiscal year ended March 31, 2021, Indian Oil Corporation Ltd.’s primary product/revenue segments were Petroleum Refinery Products, Other Operating Revenue, Other Services, Sale of Services, Scrap, and Subsidy.
During the quarter under review, the state-run oil marketing business reported revenue of Rs 2,06,461 crore, up from Rs 1,63,733 crore in the equivalent period of the previous financial year.
Final Dividend Announced
The board has also proposed a final dividend for the fiscal year 2021–2022 of Rs 3.60 per equity share with a face value of Rs 10 each (pre-bonus), which translates to Rs 2.40 per equity share with a face value of Rs 10 each (post-bonus).
In its filing, the company stated: “Subject to the approval of the Company’s shareholders, the Board has recommended a final dividend of Rs. 3.60 per equity share with a face value of Rs. 10/- each (pre-bonus), which translates into a final dividend of Rs. 2.40 per equity share with a face value of Rs. 10/- each (post-bonus) for the financial year 2021–2022. Within 30 days of the AGM’s declaration date, the final dividend would be paid. The interim dividend(s) of Rs. 9.00 per share (pre-bonus) paid for the fiscal year 2021–2022) are in addition to the final payout. The record date for the final dividend payment will be determined and announced in due course.
Share Price History
IOC shares have increased by more than 4% over the past year, but the stock has decreased by around 5% so far in 2022 (YTD), while the benchmark Sensex has dropped by 11% over the same period.
What Do Brokerages Say?
With a target price of Rs 145, ICICI Securities has a buy call on Indian Oil Corporation. Indian Oil Corporation is currently trading at Rs 106.65. The expert estimates that it will take one year for the price of Indian Oil Corporation Ltd. to reach the specified target.
#indianoilnews #shareindia #iocstock #oilshare
Read more Business, Entertainment, Social, Politics , Real Estate , Finance , Sports