Oil India can touch Rs 640: Prakash Diwan

Prakash Diwan, Chief Portfolio Strategist, Prakash Diwan's Wealth Circle, ECR told CNBC-TV18, "Oil India could probably fetch a target of about Rs 600 very quickly in the next three months and may be Rs 640 in the next six months on a simple calculation of the subsidy burden itself coming down. So from Rs 540 to Rs 640 still have Rs 100 upside."

Oil India closed at Rs 562.30, up Rs 11.95, or 2.17 percent. It has touched an intraday high of Rs 568.05 and an intraday low of Rs 553.90.
The share touched its 52-week high Rs 617.40 and 52-week low Rs 431.00 on 18 January, 2013 and 16 May, 2012, respectively. Currently, it is trading 8.92 percent below its 52-week high and 30.46 percent above its 52-week low. Market capitalisation stands at Rs 33,801.87 crore.