IOCL snaps seven-day wining streak

Shares of Indian Oil Corporation (IOCL) slipped 0.84% to Rs 117.35, amid some bit of profit booking.

The scrip had advanced 6.10% in seven days to end at Rs 118.35 yesterday, from its recent closing low of Rs 111.55 recorded on 6 September 2021.

On the technical front, the stock's RSI (relative strength index) stood at 77.754. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day daily simple moving average (SMA) placed at 107.58, 107.11 and 100.95, respectively.

In the past one year, the stock has gained 44.19% as against 52.11% rise in the Sensex.

Yesterday, a furnace had blown-up at at IndianOil's Barauni Refinery, Begusarai district, Bihar. The incident happened during the lighting up of the burner in one of the furnaces of the AVU-1 unit, causing minor injuries to people working in the vicinity.

There has been no fire or any death, and the injured are entirely out of danger, the company said.

The PSU OMC further said that the planned shutdown of the Barauni refinery has been on since 20 August 2021. The cause of the incident is now under technical investigation. The refinery operations of the other units remain unaffected.

Indian Oil Corporation's (IOC's) segments include sale of petroleum products, sale of petrochemicals and other businesses. As of 31 March 2021, the Government of India held a 51.50% stake in IOCL while ONGC held a 14.20% stake in the company.

IOC is India's largest oil refining and marketing company, with a refining capacity of 80.7 MT (market share 33%), more than 32,000 retail outlets (42% market share), 3.2 MT of petrochemical production capacity and operations in the upstream and city gas distribution business. The Government of India 51.50% stake in the company as on 30 June 2021.

The company's standalone net profit surged to Rs 5,941.37 crore in Q1 FY22 from Rs 1,910.84 crore in Q1 FY21. Net sales during the quarter increased by 90.2% to Rs 1,18,670.52 crore as against Rs 62,399.03 crore reported in the same period last year.

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