Hold Indian Oil Corporation; target of Rs 75: ICICI Direct

ICICI Direct recommended hold rating on Indian Oil Corporation with a target price of Rs 75 in its research report dated October 31, 2022.

Broker Research

November 01, 2022 / 20:54 IST

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ICICI Direct's research report on Indian Oil Corporation

Indian Oil Corporation (IOC) is India’s largest refining & marketing company with an installed refining capacity of ~70 MMT. IOC operates 34559 retail outlets as of end of FY22 • Petrol and diesel together historically constitute ~52% of marketing sales.

Outlook

We maintain our HOLD rating on the stock. We value IOC at Rs 75 i.e. average of P/E multiple: Rs 79/share and P/BV multiple: Rs 71/share.

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Indian Oil Corporation - 01-11-2022 - icici

Broker Research

first published: Nov 1, 2022 08:54 pm

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