Maharatna PSU To Turn Ex-Dividend For Rs 8.50/Share On Monday: Buy/Sell Or Hold?
The shares of Maharatna PSU company Oil India are likely to be in focus this week as the stock is going to trade ex-dividend for Rs 8.50 per share on Monday.
The record date, established by the corporation, is March 18, 2024; as a result of the T+1 settlement method, the ex-date also falls on this day. As a result, Oil India shares will trade ex-dividend tomorrow after the recent groundbreaking of the company’s two major pipeline projects by Hon. Indian Prime Minister Shri Narendra Modi. Ahead of turning ex-dividend, the shares of Oil India ended 2.97% lower on the BSE at Rs 555.70 on Friday. The scrip reached a 52-week-high of Rs 647.40 on (06/03/2024) and a 52-week-low of Rs 240.65 on (26/06/2023).
Oil India Dividend
The Board of Directors in its meeting held on 08th March, 2024 has accorded its approval for “Second Interim Dividend of Rs. 8.50/- per share (85% of paid-up capital) for the financial year 2023-24. The Second Interim Dividend 2023-24 will be paid on or before 07th April, 2024. [The Record Date – 18th March, 2024 was intimated vide our letter of even no. dated 01st March, 2024],” said the PSU company in a BSE filing on 08.03.2024.
Oil India News
Recently on March 09, 2024, Oil India, the Maharatna CPSE, saw a historic event as two of the company’s flagship pipeline projects were officially launched by Hon. Narendra Modi, the Prime Minister of India. The 756 km Barauni-Bongaigaon-Guwahati sector of OIL’s 1157 km NaharkatiyaBarauni Crude Oil Pipeline has had its pumping capacity raised to 3 MMTPA, which would enable the refineries in Bongaigaon and Guwahati satisfy their needs for imported crude oil.
In another endeavour, the company upgraded the 38-kilometer pipeline that runs from Duliajan to Digboi. It was outfitted with a cathodic protection system and an optical fibre communication network, enabling the refinery to increase its capacity from 0.65 MMTPA to 1 MMTPA, which is Asia’s oldest refinery. At a total budgeted project cost of Rs. 623 Crore, both projects were completed.
In response to the Prime Minister’s straight appeal for Atmanirbhar Bharat, the majority of the machinery and equipment utilized in the projects were produced domestically, which helped the Indian manufacturing sector to grow further. Additionally, the initiatives generated employment for around 50,000 man-days in the eastern states of West Bengal, Bihar, and Assam for site construction.
Oil India Share Price Target
Deven Mehata – Equity Research Analyst at Choice Broking said Oil India Ltd is currently trading at Rs 573.15 and has shown a strong rally from lower levels, forming higher highs and higher lows. However, on the daily chart, Oil India Ltd has formed a double top formation, leading to a slight healthy correction in the stock.
The immediate support for Oil India Ltd is at Rs 544. If the stock breaks this support level, we may see further selling pressure, potentially leading to a decline towards Rs 515 to Rs 480.
There is a good buying opportunity near the Rs 515 and Rs 480 levels for those looking to go long on the stock.
If the price breaks the Rs 600 mark, we may see a new all-time high in the stock. Any reversal setup near these support levels presents a good opportunity to go long on Oil India Ltd.
For a cautious approach, buying on dips is suggested at Rs 515-480 with a stop-loss (SL) at Rs 450. The targets for this trade are Rs 700-730.
In summary, Oil India Ltd presents potential buying opportunities, but investors should closely monitor the stock’s price movement and implement appropriate risk management strategies to protect their investments.
Disclaimer
The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.
Vipul Das Goodreturns
source: goodreturns.in
