Oil India Ltd. shares today hit fresh 52-week high to Rs 653.65 per share at 12:54 pm on May 21, 2024. Oil India share gained 5.49% in last 1-week only and zoomed 112% in last 6-months only. The company on Monday declared a surge of 18% in its net profit for the quarter ended March 31, 2024 amid surge in profit on the back of higher crude oil prices. Oil India declared its consolidated net profit at Rs 2332.94 crore for March 2024 quarter as against Rs 1979.74 crore net profit in the corresponding quarter of last yearSimla Stock. Oil India recommended 1:2 bonus share and a final dividend of Rs 3.75 per share for the FY 2023-24.
The PSU is yet to declare record date for final dividend while record date for bonus issue is July 2, 2024. Life Insurance Corporation Of India (LIC) has 8.04% stake in Oil India with 87,156,697 shares of the company. Its market capitalisation is Rs 70,085.11 crore. More details below
Oil India Ltd Q4: Revenue from operations surged 16% to Rs 10,166 crore from the year-ago period. The PSU’s EBITDA surged to Rs 3838 crore. Its crude oil earnings before interest and tax (EBIT) arrived at Rs 1,744.75 crore, up 18% from the previous year. EBIT for the natural gas segment declared at Rs 687.34 crore as compared to Rs 823.55 crore in the previous year. Oil India said it registered highest ever EBIDTA of Rs 11,643.30 crore for FY24. Its crude oil production in Q4 surged by 6% from last year with an overall increase of 5.76% to 3.359 MMT in FY24, compared to 3.176 MMT produced during FY23, the company said in press release.
Oil India Recommends Dividend: As per the regulatory filing of Oil India dated May 20, “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 Declares Bonus Share: The exchange filing issued as on May 20 added, “Further, the Board has recommended issue of Bonus Shares in the ratio of 1:2 i.e. 01 (one) equity share of Rs. 10/- each for every 02 (Two) existing equity shares of Rs. 10/- each fully paid up subject to the approval of shareholders through Postal Ballot [E-Voting]. The Board has fixed Tuesday, 02nd July, 2024 as Record Date to determine the eligibility of shareholders to receive bonus shares.”
PL Recommends Accumulate: Swarnendu Bhushan, Co. Head Institutional equities, Prabhudas Lilladher Pvt. Ltd. suggested accumulate call with target price of 722 per share. According to the analyst, “The company expects production to reach 4mmt of oil and 5bcm of gas by FY26. If the company achieves this production target, FY26 EPS would come in at Rs73. However, on a conservative basis, we build in a 5% CAGR in oil and 10% CAGR in gas production over FY24-26E, resulting in EPS of Rs67.3. We maintain ‘Accumulate’ rating on better visibility of production growth, valuing the standalone business at 9x FY26 adj EPS and adding the value of investments to arrive at our TP of Rs722.”
How To Be Eligible To Receive Oil India Bonus Share & DividendHyderabad Stocks? Shareholders who hold Oil India’s shares before the ex-date and record date will become eligible to receive bonus shares and dividend from the company. Eligibility for bonus shares and dividend depend on record date and ex-date of the shareholders. The record date is the cut-off date that the company sets. In Oil India case, record date for bonus issue is July 2. Record date for dividend is yet to be announced.
Oil India Share Performance & Return: 52-week high price of the Maharatna PSU share on BSE is Rs 669.05 apiece (as on 21/05/2024) and 52-week low price is Rs 240.65 per share (as on 26/06/2023), respectively. Its market capitalisation is Rs 71,240.00 crore. Oil India shares gained 73% year-to-date, soared 143% in last 1-year, zoomed 173% in last 2-years, and offered return of 397% in last 3-years.Udabur Investment
Oil India Bonus Share History: Before today’s bonus share, Oil India offered 3 bonuses since March 29, 2012. The last Bonus that Oil India declared was in the ratio 1:2 with ex-date fixed as March 27, 2018.
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.
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