Oil India share price: ICICI Securities reinitiate coverage with a BUY rating and target price of Rs 205
ICICI Securities reinitiates coverage on Oil India with a BUY rating and target price of Rs 205 (55% upside). ICICI Securities estimates Oil India’s FY22E EPS to be up 131% YoY driven by 32% YoY rise in Brent and jump in share of profit from Numaligarh Refinery on hike in its stake to 70%. Oil price recovery has been driven by OPEC+ capping supply and vaccine rollout hopes driving global oil demand to pre-Covid levels in a few quarters.
ICICI Securities estimates Oil India’s FY22E EPS to be up 131% YoY driven by 32% YoY rise in Brent and jump in share of profit from Numaligarh Refinery on hike in its stake to 70%: Reuters