A veteran investment broker from Mumbai strongly recommends buying Oil India (OIL) at every decline for medium to long-term rewards. The company has reported a net profit of Rs. 1988.13 crore on a turnover of Rs. 5723.21 crore for the first half of the current fiscal against a net profit of Rs. 1417.14 crore on a turnover of Rs. 4041.14 crore for the corresponding period last year. For the entire 2010-11, the company had posted a net profit of Rs. 2887.73 crore on a turnover of Rs. 11596.50 crore. Free reserves of Rs. 17340 crore against the equity capital of Rs. 240.45 crore make the scrip a bonus candidate. Maiden bonus is already on cards, according to the investment broker. The company has also announced 250 per cent interim dividend for current fiscal.
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