Shares of Indian Oil Corporation Ltd. (IOC) continued to gain momentum as it rose by 1.42% to Rs 100.38 in Wednesday’s trade as of 12:28PM (IST). The stock hit a high of Rs 101.12 and a low of Rs 99.2 during the session. IOC’s stock has shown resilience and growth, outperforming the market’s Sensex. The stock’s beta value stood at 1.4, indicating volatility in relation to the broader market.
On the technical charts, the 200-day moving average (DMA) of the stock was at Rs 68.75 on November 15, while the 50-DMA was at Rs 92.48. Trading well above both of these averages suggests an upward trend. IOC’s return on equity stood at 7.0 per cent. The stock’s 52-week high price was Rs 106.9 and the 52-week low was Rs 68.75.
Promoters currently hold 51.5 per cent stake in IOC, as of 30-Sep-2023. Mutual funds and foreign institutional investors (FIIs) hold 2.09 per cent and 7.84 per cent stake, respectively.
In conclusion, Indian Oil Corporation Ltd. has demonstrated strong performance in the stock market and technical analysis suggests a bullish trend. Considering these factors, investors may find IOC to be a promising investment opportunity.
