JM Financial has issued a buy recommendation for Oil India, setting a target price of Rs 345. As of the latest market data, Oil India Ltd.’s current market price stands at Rs 311.95.
Oil India Ltd., a prominent player in the Gas & Petroleum sector, was incorporated in the year 1959. With a market capitalization of Rs 32,824.95 Crore, it operates as a Mid Cap company.
Oil India Ltd.’s key Products/Revenue Segments include Oil Crude, Natural Gas, Income From Transportation Services, Other Operating Revenue, Renewable Energy System, and Condensate, as per the financial year ending on March 31, 2022.
In the financial quarter ending on June 30, 2023, Oil India reported a Consolidated Total Income of Rs 6,377.64 Crore. This figure represents a decrease of 20.52% compared to the Total Income of Rs 8,024.33 Crore in the previous quarter and a decline of 30.04% compared to the Total Income of Rs 9,116.53 Crore during the same quarter of the previous year. Moreover, the company achieved a net profit after tax amounting to Rs 1,303.76 Crore during the latest quarter.
Promoters continue to have a substantial stake in Oil India, holding 56.66% of the company as of June 30, 2023. Furthermore, FIIs (Foreign Institutional Investors) have an 11.03% ownership, while DIIs (Domestic Institutional Investors) own 16.36%.
This recommendation by JM Financial reflects its positive outlook on Oil India, indicating potential growth opportunities for investors in the company’s stock.
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