IOCL hits 52-week low; slips 7% in nine days

Indian Oil Corporation (IOCL) shed 0.52% to Rs 67.45, extending its losing run for the ninth consecutive trading session.

Shares of the PSU company slipped 7.16% in nine trading sessions from its previous closing high of Rs 72.65 on 12 September 2022. The stock hit its 52-week low of Rs 67.20 today. The counter has corrected 28.66% from its 52-week high of Rs 94.55 hit on 9 November 2021.

On the BSE, 13.68 lakh shares were traded in the counter so far compared with average daily volumes of 16.65 lakh shares in the past two weeks.

The stock had underperformed the market over the past one month, declined 5.13% compared with 1.62% fall in the Sensex.

The scrip underperformed the market in past one quarter, fell 5.76% as against Sensex's 11.11% rise.

The counter had also underperformed the market in past one year, tumbled 14.22% as against 3.03% decline in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 28.490. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

In daily chart, the stock is trading below its 50, 100 and 200 days simple moving average (SMA) placed at 71.42, 73.92 and 77.02 respectively. These levels will act as crucial resistance zones in near term.

IOCL is an Indian government owned oil and gas explorer and producer. As of 4 July 2022, the Government of India held 51.50% stake in the company.

On a standalone basis, Indian Oil Corporation (IOCL) reported net loss of Rs 1,992.53 crore in Q1 FY23 as compared to a net profit of Rs 5,941.37 crore in Q1 FY22. Gross revenue from operations surged 62.48% to Rs 2,51,932.89 crore in Q1 FY23 over Q1 FY22. Revenue from operations (excluding excise duty) climbed 89% to Rs 224,252.63 crore in Q1 FY23 from Rs 118,670.52 crore recorded in corresponding quarter previous year.

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