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Last Updated : Aug 08, 2020 12:33 PM IST | Source: Moneycontrol.com

Buy Indian Oil Corporation; target of Rs 114: Prabhudas Lilladher

Prabhudas Lilladher is bullish on Indian Oil Corporation has recommended buy rating on the stock with a target price of Rs 114 in its research report dated August 04, 2020.

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Prabhudas Lilladher's research report on Indian Oil Corporation

We maintain our FY21/22 earnings estimates. In Q1FY21, core standalone EBIDTA adjusted for inventory and forex loss was healthy at Rs86.2bn (+35%YoY) despite lower refining margins (-$1.98/bbl vs $4.7/bbl in Q1FY20). Weak global demand and high inventory levels to likely keep crude oil prices range bound, which will support marketing margins in medium term. GRMs will recover with pickup in economic activity, and lower operating cost (due to soft spot LNG prices) will support refining earnings.


Maintain BUY with a PT of Rs114.

For all recommendations report, click here

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First Published on Aug 8, 2020 12:33 pm