Feb 19, 2013 02:58 PM IST | Source: Moneycontrol.com

Oil India rises on Goldman Sachs buy report

State-controlled oil producer Oil India gained nearly one percent intraday on Tuesday as the research firm Goldman Sachs upgraded the stock to a buy rating with a target price of Rs 650.

Oil India rises on Goldman Sachs buy report

State-controlled oil producer Oil India gained nearly one percent intraday on Tuesday as the research firm Goldman Sachs upgraded the stock to a buy rating with a target price of Rs 650.

"A significant fall in gross under-recoveries could lead to a steady rise in net realizations. Every 1 dollar increase in gas prices impacts the company's EPS by about 7 percent," Goldman Sachs reasoned.

At 14:47 hours IST, shares went up 0.52 percent to Rs 549.20 on Bombay Stock Exchange.

Also Read - See subsidy burden of Rs 8100 cr in Q4: Oil India

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