Buy Oil India, target price Rs 190: Edelweiss

Edelweiss has buy call on Oil India with a target price of Rs 190. The current market price of Oil India Ltd. is Rs 182.3.
Time period given by analyst is Intra Day when Oil India Ltd. price can reach defined target.

Oil India Ltd., incorporated in the year 1959, is a Mid Cap company (having a market cap of Rs 19568.09 Crore) operating in Gas & Petroleum sector.


Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 6276.58 Crore, down -12.75 % from last quarter Total Income of Rs 7193.40 Crore and up 233.88 % from last year same quarter Total Income of Rs 1879.89 Crore. Company reported net profit after tax of Rs 1036.82 Crore in latest quarter.

Investment Rationale
Broken out above 2019 highs and managed to give follow through buy reaffirming bullish momentum

Promoter/FII Holdings
Promoters held 56.7 per cent stake in the company as of June 30, 2021, while FIIs held 8.5 per cent, DIIs 18.5 per cent and public and others 16.3 per cent.