Buy Indian Oil Corporation, target price Rs 145: Motilal Oswal

Indian Oil Corporation Ltd., incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 81667.83 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 14 per cent and public and others 28.2 per cent.
Motilal Oswal has given buy rating to Indian Oil Corporation with a target price of Rs 145. The share price moved down by 2.09 per cent from its previous close of Rs 88.55. The stock’s last traded price is Rs 86.70.

Indian Oil Corporation Ltd., incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 81667.83 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 expects the discount gap between IOCL and its peers to shrink. It values it at 1.2x FY22E PBV (at par with FY15-18 post reform period), to arrive at a target price of Rs 145.

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 14 per cent and public and others 28.2 per cent.
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