Buy Indian Oil Corporation, target price Rs 110: Emkay Global

Indian Oil Corporation Ltd., incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 82279.75 Crore) operating in Gas & Petroleum sector.

Agencies
Promoters held 51.5 per cent stake in the company as of June 30, 2020, while FIIs held 6.3 per cent, DIIs 13.9 per cent and public and others 28.3 per cent.
Emkay Global has given buy rating to Indian Oil Corporation with a target price of Rs 110. The share price moved up by 0.46 per cent from its previous close of Rs 87. The stock’s last traded price is Rs 87.40.

Indian Oil Corporation Ltd., incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 82279.75 Crore) operating in Gas & Petroleum sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 60528.68 Crore, down -48.71 % from last quarter Sales of Rs 118007.32 Crore and down 53.90 % from last year same quarter Sales of Rs 131296.73 Crore. The Company reported net profit after tax of Rs 2129.23 Crore in latest quarter.

IOC_graph

Investment Rationale
The brokerage maintains estimates and TP of Rs 110 as it expects sizeable inventory gains in Q2. It retains Buy rating and EW stance on IOCL in sector EAP. It remains positive on the OMC space, with HPCL being the top pick. Volume and GRM recovery remain the key triggers.

Promoter/FII Holdings
Promoters held 51.5 per cent stake in the company as of June 30, 2020, while FIIs held 6.3 per cent, DIIs 13.9 per cent and public and others 28.3 per cent.
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