Hold Essar Oil with a target of Rs 95-100: Agarwal

Rajesh Agarwal, Head of Research, Eastern Financiers Limited is of the view that one can hold Essar Oil with a target of Rs 95-100.

Agarwal told CNBC-TV18, “Three months would be a very short-term horizon for a stock like Essar Oil because we have seen the performance being improving in the last quarter. With expanded capacity of around 20 million tonnes going on running to full capacity the gross refining margin (GRM) weighing better. One should give some time maybe a time horizon of maybe one year or so to the stock to get full benefits of the up move. We have a price target of around Rs 95-100 in the next six to nine months so I would suggest hold on to the stock, increase your time horizon and enjoy the benefits.”