Dec 01, 2016 05:58 PM IST | Source:

Buy Oil India; target of Rs 470: Religare

Religare is bullish on Oil India has recommended buy rating on the stock with a target price of Rs 470 in its research report dated November 28, 2016.

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Religare's research report on Oil India

OINL’s Q2 earnings at Rs 5.8bn (+17% QoQ) came in line with estimates driven by higher other income. Operating earnings at Rs 7.5bn (-3.5% QoQ) however fell short of expectations on higher expenses. Volumes grew 4% YoY, matching estimates, driven by 9% growth in gas volumes to 0.61bcm even as oil volumes remained flat at 0.8mmt. A steady increase in overall production could drive down unit operating costs to below US$ 6/boe by FY19E from US$ 6.9/boe now. Oil production is expected to improve from Q1FY18. Maintain BUY.

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