Indian Oil Corp Ltd rose as much as 4.17% to its record high of Rs 413.80 on the BSE today, extending its gains from Friday. On Friday, IOC shares were up 3.55%, riding high on the back of news about the companies contemplating daily revision of retail fuel prices.
Shares of other state-owned oil marketing companies Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd had also risen significantly on Friday, based on the same sentiments that caused IOC shares to jump.
As of Friday’s close, the stock price of IOC has soared 93.3% in one year, vastly outperforming the 21.9% gain for the benchmark NSE Nifty 50 index. Recently, IOC has been in news due to reports of it going ahead with the proposed expansion of its Paradip Refinery and inclusion of its shares in the benchmark NSE Nifty 50 Index.
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As per Thomson Reuters data, out of 32 analysts covering the stock, 28 have recommended “buy” or “strong buy” and only one analyst has recommended “sell” with the remaining three analysts recommending “hold”.
Here are the views of leading brokerage firms and analysts on IOC
Vaishali Parekh, Research Analyst – Technical Research at Prabhudas Lilladher says, IOC is already in a strong uptrend and has been in a new round of momentum with RSI also bouncing from 70 levels implying good strength. High volume makes this stock positive for a target of Rs 415. We recommend a “buy”. Vaishali recommended a stop-loss of Rs 388.
Speaking to CNBC-TV18, Mitessh Thakkar, Chief Trading Analyst at miteshthacker.com, said, “I have a buy on Indian Oil Corporation (IOC). Oil Marketing Companies are still doing well in a falling market. So, IOC is a buy with a stop loss of Rs 400 for a target of Rs 425.”
Motilal Oswal Securities
Motilal Oswal Securities has “Buy” call on IOC with a target price of Rs 420 with a stop-loss of Rs 388 for intraday trading.
The broader BSE Oil & Gas Index was up 1.27% today, with nearly all component stocks trading up. Bharat Petroleum Corporation Ltd was up 3.50%, Hindustan Petroleum Corporation Ltd was up 1.38%, Oil India Limited was up 1.32% while Castrol India was up 1.71%.