IOC Rating
JEFFERIES ON IOC : 20.05.2021
* MAINTAIN HOLD TARGET: 100
* Jefferies has a Hold call on IOC, expects mktg profitability to be restored as crude cools & retail price hikes continue
* Significant EBITDA Beat On Higher Inventory Gains In Refining & Mktg
* Market Share Loss In Auto Fuel Marketing Continues Unabated
* Mktg Profitability May Be Restored As Crude Cools & Retail Price Hikes Continue
* Large Jump In Inventories & Back ended Capex Led To A Sharp Jump In Borrowings
* Cut Earnings By 6%/5% For FY22/23 On Ongoing Lockdown
JPMORGAN ON IOC : 20.05.2021
* MAINTAIN OVERWEIGHT TARGET: 147
* JPMorgan finds risk-reward attractive, maintains Overweight call on IOC
* Reported A Large Beat Driven By Inventory Gains
* See A Sharp Improvement In Co's Underlying Operating Performance
* Risk-reward Remains Attractive In Our View
MORGAN STANLEY ON IOC : 20.05.2021
* MAINTAIN OVERWEIGHT TARGET: 139
* MS maintains an Overweight call on IOC. It expects integrated margin to rise further
* Core Earnings Should Raise Investor Confidence On Earnings Delivery
* See Integrated Margin To Rise Further
