Dividend stock hits 52-week high before Q4 results today. Do you own?

Stock market today: Indian Oil Corporation Limited (IOCL) may announce its Q4 results any time today. The Navratna company has informed Indian bourses that its board of directors are going to consider and approve Q4 results and proposal for dividend in its upcoming board meeting scheduled on 16th May 2023 i.e. today. However, Indian stock market has gone bullish on the IOC share price much before the announcement of fourth quarter results for recently ended financial year 2022-23.

The dividend stock today opened higher and went on hit intraday high of ₹86.40 apiece on NSE, which is now its new 52-week high on NSE. On BSE too, IOC shares touched new 52-week high of ₹86.40 per share breaching its previous 52-week high of ₹84.64 apiece on BSE. The state-owned stock had made this 52-week high of ₹84.64 apiece on 10th May 2023 i.e. Wednesday last week.

IOC results

In one of its latest exchange communication, IOCL informed Indian bourses about the IOC results date citing, "Pursuant to Regulation 29(1) & (2) of the SEBI (Listing Obligations & Disclosure Requirements), Regulations 2015, it is hereby informed that a Board Meeting of the Company is scheduled on Tuesday, 16!" May 2023, inter alia, to consider and approve Standalone as well as Consolidated Audited Financial Results of the Company for the quarter and year ended 31st March 2023."

Market is expecting better IOC Q4 results as ICICI Securities in a March 3 report said that the last eight weeks have seen stronger macros for Oil Manufacturing companies or OMCs, citing, “The calculated gross refinery margins (GRMs) for OMCs (excluding any inventory impact/windfall tax) have remained strong at $11-13 per barrel for Q4 FY23 (till February 24, 2023), down $1-2 a barrel QoQ due to softer diesel and ATF spreads.”

IOC dividend 2023

IOC went on to add about consideration and approval of dividend during 16th May board meeting citing, "It is also hereby informed that Board may consider declaration of dividend for the financial year 2022-23, if any, at the aforesaid Board Meeting."

IOC dividend history

IOC shares are one of the dividend stocks in Indian stock market. The PSU stock traded ex-dividend twice in the year 2022. It first turned ex-dividend stock on 9th February 2022 for payment of ₹4 per share interim dividend to the eligible shareholders. similarly, IOC shares turned ex-dividend stocks on 11th August 2022 for payment of ₹2.40 per share final dividend to its eligible shareholders.

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