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Buy Indian Oil Corporation; target of Rs 120: ICICI Direct

ICICI Direct is bullish on Indian Oil Corporation has recommended buy rating on the stock with a target price of Rs 120 in its research report dated August 05, 2021.

August 10, 2021 / 11:41 AM IST
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ICICI Direct's research report on Indian Oil Corporation


Indian Oil Corporation (IOC) is India’s largest refining & marketing company with an installed refining capacity of ~70 MMT.IOC’s marketing sales share among public sector OMCs is ~49% Petrol and diesel together constitute ~52% of total marketing sales for IOC


Outlook


We upgrade our rating from HOLD to BUY on the stock. We value IOC at Rs 120 i.e. average of P/E multiple: Rs 115 /share and P/BV multiple: Rs 125/share


For all recommendations report, click here


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first published: Aug 10, 2021 11:41 am

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