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Reduce Oil India; target of Rs 88: HDFC Securities

HDFC Securities recommended reduce rating on Oil India with a target price of Rs 88 in its research report dated November 11, 2020.

November 15, 2020 / 01:10 PM IST
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HDFC Securities' research report on Oil India

Despite production cuts from OPEC and non-OPEC countries, we expect oil prices to remain at USD 34/37 per barrel in FY21/22E vs. USD 61/bbl in FY20, given the weak global macro. With no subsidy sharing with OMCs, OIL remains a pure-play on the crude oil price. 2QFY21 EBITDA/APAT was 38/125% above our estimates, owing to significantly lower-than-expected operating costs and a lower tax provision.


Our REDUCE recommendation on Oil India with a price target of INR 88 is premised on (1) a muted crude oil and gas realisation and (2) lack of production growth for both oil and gas.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Nov 15, 2020 01:10 pm

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