Oil India shares strain following Q2 Results; Should you buy, hold or sell the stock-

Oil India shares strain following Q2 Results; Should you buy, hold or sell the stock?

The share price of State-run explorer Oil India tanked 4.28% to Rs 297.30 a day after the company reported a drop of 80% in the second quarter of FY24 as the company set aside Rs 2,363 crore for an ongoing litigation. The company’s profit for Q2FY24 fell to Rs 325 crore compared to Rs 1,721 crore. Oil India took on charges related to an ongoing litigation over a service tax demand raised in the states of Assam, Arunachal Pradesh and Rajasthan, reported Reuters.

Oil India’s share price dropped 0.10% in the last five days and 2.65% in the last one month, while it gained 20% in the six months and a whopping 41.06% year to date.

Mehta Equities: Buy – Target Price: 385

“The stock is trading in a narrow range of 10 points between 297 to 307. Immediate Support is looking to be at around 300, below which the stock can drift down towards 297 and 295 levels. However, if the stock goes above 308, it has potential to touch 315 and 317.50 levels in the coming few days. If the stock manages to above 317.50, momentum will be extremely strong pushing the stock price towards 340 and 380 in near term.”

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