As IOC shares double in last 1 yr, should you buy more? Here’s what analysts suggest

Indian Oil Corp Ltd rose as much as 4.17% to its record high of Rs 413.80 on the BSE today, extending its gains from Friday. On Friday, IOC shares were up 3.55%, riding high on the back of news about the companies contemplating daily revision of retail fuel prices.

Shares of other state-owned oil marketing companies Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd had also risen significantly on Friday, based on the same sentiments that caused IOC shares to jump.

As of Friday’s close, the stock price of IOC has soared 93.3% in one year, vastly outperforming the 21.9% gain for the benchmark NSE Nifty 50 index. Recently, IOC has been in news due to reports of it going ahead with the proposed expansion of its Paradip Refinery and inclusion of its shares in the benchmark NSE Nifty 50 Index.

As per Thomson Reuters data, out of 32 analysts covering the stock, 28 have recommended “buy” or “strong buy” and only one analyst has recommended “sell” with the remaining three analysts recommending “hold”.

Indian Oil Corporation