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
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
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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