Moneycontrol News
Betting on earnings recovery, steady volume growth and margin expansion, global brokerage firm UBS has initiated coverage on oil marketing companies (OMCs).
UBS also expects government support on free pricing for socially sensitive cooking fuel should also drive constant earnings growth.
The firm initiated coverage on stocks such as Indian Oil, HPCL and BPCL with a buy rating.
Meanwhile, among standalone refiners, it initiated coverage with Chennai Petroleum (CPCL) with a Buy, and Mangalore Refinery (MRPL) with a Neutral.
Credit Suisse, meanwhile, said that it is positive on Indian refiners and GAIL.
The broking firm highlighted that strong petchem demand and lower ethylene supplies aiding naphtha. It also expects strong Naphtha and LPG margins for the next two quarters.
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