Indian Oil Corporation(IOC) announced heavy investments to ramp up its refining capacity and attain net-zero carbon emissions. Therefore, IOC invested ₹4 lakh crore, including ₹1 lakh crore for refining capacity and ₹2.4 lakh crore for carbon-neutral projects. Centering on green initiatives, it aims for a $1 trillion appraisal by 2047. Hence, it also targets serving future energy requirements and increasing IOC share price.

Initiatives hiking IOC share price in 2024

IOC disclosed its aspiring future blueprints in 2024 to ramp up operations and investments. IOC aims to strengthen its market position henceforth, driving share price growth. As a result of its highest-ever sales volume reaching 97.551 million tonnes, and substantial refining output of 73.308 million tonnes.

IOC’s strategic investments in green energy initiatives like hydrogen and EV infrastructure align with India’s renewable energy goals. Therefore, these initiatives will enhance IOC share price due to diversified energy portfolios and decrease environmental impact.

IOC recently collaborated with global technology leaders such as Panasonic and Phinergy. These decisions highlighted IOC’s commitment to technological advancement and sustainable practices aligning with India’s target of Atmanirbhar Bharat. Stock market investors see these efforts as IOC’s capitalizing plans in India’s energy sector growth.

Revenue and Profit Growth

IOC reported total revenue of ₹7,79,129 crore for FY-2024, down from ₹8,45,707 crore in FY23 resulting in higher IOC share price. Though IOC achieved lesser revenue, its net profit reached ₹39,619 crore, compared to ₹8,242 crore in FY23. Henceforth, these achievements were credited to efficient cost management and strategic investments.

Operational Efficiency and Profitability

Operating profit increased to ₹69,401 crore in FY-2024 from ₹22,253 crore in FY23. Hence, IOC’s plan to streamline operations, improve refining margins, adequate cost controls, and implement market strategies gave its performance and IOC share price vibrant colors.

Investor Confidence and Shareholding Pattern

Promoters keep stable ownership at 51.50%. Additionally, foreign portfolio investors (FPIs) have maintained 7.79% ownership. Hence, it suggested stability, strategic direction, international confidence, and a stable shareholding pattern.

Dividend Payouts and Market Response

Recent dividends include a payout of ₹7.00/share in July/2024. Therefore, its dividend policy sustained investor interest, stock price stability, and high investor returns.

Market Targets and Future Outlook affecting IOC share price

IOC stock price is estimated to reach ₹195.50 by end of 2024 and ₹856.40 by 2040. Hence, these forecasts are influenced by IOC’s financial health, strategic expansions in green energy, and position as market leader in India’s energy sector.

Mutual Fund Holdings

HDFC Balanced Advantage Fund Growth, Kotak Flexicap Fund Growth, SBI Bluechip Fund Regular Growth, Kotak Equity Arbitrage Fund Growth, Etc. are key investors in IOC. Hence, these factors and IOC share price gave the impression of institutional confidence and long-term growth to IOC’s stock buyers.

IOC share price Conclusion

IOC’s share price was up by 1.38% from the previous business day’s close. Hence, IOC stock is traded between ₹164- ₹168 during the day. Over the past years, IOC’s shares have gained 67.88%. IOC’s RSI is 44.97. IOC’s Price-to-Earnings(P/E) ratio is 5.7. IOC’s current market capitalization is ₹233,692 crore, and dividend yield is 7.25%. Its MACD and MFI are positive and conducive to IOC share price. Analysts anticipate resistance levels between ₹169.21- ₹174.96 and support levels between ₹163.46- ₹157.71. For all finance news and stories like and subscribe to Financereview.Org