Buy Indian Oil Corp; target of Rs 375: Religare
Religare is bullish on Indian Oil Corp has recommended buy rating on the stock with a target price of Rs 375 in its research report dated October 28, 2016.
November 07, 2016 / 13:51 IST
IOCL’s Q2 earnings at Rs 31 bn (against losses YoY) underperformed estimates on (a) below-expected GRMs at US$ 4.3/bbl, (b) lower refining throughput at 15.64MMT (+14%YoY) and (c) lower marketing margins (against losses YoY). However, petrochemicals/pipeline EBITDA at Rs 18.3 bn (+29% YoY)/Rs 15.5bn (+11% YoY) saved the day for IOCL. The Paradip refinery ramp-up should elevate the company’s GRMs to US$ 6-7/bbl from FY18. We restate BUY on the stock with a Sep’17 TP of Rs 375.
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