ICICI Direct has given Buy recommendation for Indian Oil Corporation with a target price of Rs. 120 in its research report issued on Aug 05, 2021

ICICI Direct’s research report on Indian Oil Corporation

Indian Oil Corporation (IOC) is India’s largest refining & marketing company with an installed refining capacity of ~70 MMT.IOC’s marketing sales share among public sector OMCs is ~49% Petrol and diesel together constitute ~52% of total marketing sales for IOC


We upgrade our rating from HOLD to BUY on the stock. We value IOC at Rs 120 i.e. average of P/E multiple: Rs 115 /share and P/BV multiple: Rs 125/share


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