Please refer to important disclosures at the end of this report
Indian Oil Corporation Ltd (IOC) is India's flagship national oil company with
business interests straddling the entire hydrocarbon value chain - from refining
pipeline transportation and marketing of petroleum products to exploration &
production of crude oil & gas marketing of natural gas and petrochemicals.
decline in crude oil prices and the government’s decision to deregulate diesel
prices was a major positive for OMCs. The deregulation leads to earnings
predictability and increases in profitability will drive RoE higher. The successful
commissioning of 15 MMTPA Paradip refinery marks a major shift for IOC as a
pivotal player in complex refineries. The Dividend yield is attractive at ~3-4%.
The combination of visibility in earning, deregulation and the attractive dividend
yield is positive for IOC. Hence Buy.
CMP ` 564
Stock Info
Sector Oil Mkt. & Dist.
Beta 0.7
Bloomberg Code IOCL IN
Shareholding Pattern (%)
Promoters 58.3
MF / Banks / Indian Fls 12.4
FIIs/NRIs/OCBs 4.5
Indian Public / Others 24.8
Abs. (%) 3m 1yr 3yr
Sensex 7.5 14.2 54.6
Indian Oil Corp. 36.2 39.2 169.4
Nifty 8,867
Reuters Code IOC.BO
Face Value (`)10
BSE Sensex 28,797
52 Week High / Low 593/345
Avg. Daily Volume 157,481
Market Cap (` cr) 136,864
Vaibhav Agrawal
022 – 3935 7800 Ext: 6808
Indian Oil Corporation
Others | Oil Marketing & Distribution
September 12, 2016
Indian Oil Corporation | Oil Marketing & Distribution
September 12, 2016
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website:
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