IOCL shares have relatively underperformed HPCL and BPCL recently, but the OMC entails a higher inventory risk. BPCL is fundamentally the strongest. HPCL’s Vizag expansion and modernisation project is expected to be complete by FY25-end.
Jio Financial Services Ltd and Zomato Ltd are likely to be included in the Nifty50 Index in the upcoming rejig of the benchmark index, suggests a report from JM Financial.
An analyst from Master Capital said that BPCL are now witnessing a sign of a potential rebound after witnessing a correctional fall of around 25 per cent from its all-time high.
OMC stocks: ICICI Securities maintained its 'Buy' on IOC, BPCL and HPCL, with revised price targets of Rs 197, Rs 421 and Rs 470 per share, respectively.
Tata Power has confirmed a breakout above its consolidation zone between Rs 465 and Rs 373 levels on the weekly chart, signaling a continuation of the medium-term uptrend, Axis Securities said.
For upstream oil PSUs, in the current windfall regime, realisations are not impacted until the price of $75 a barrel. However, declines are sharp below $75 per barrel. Typically, the lower oil prices are positive for OMCs, Kotak said on September 12.
An analyst from LKP Securities said that BPCL resumed below the important 21 EMA which confirms the presence of further downside pressure forex.
With a surge of 152% YTD, Oil India is the top gainer; its shares soared to Rs 627.10 on September 6 from Rs 248.23 on December 29, 2023
Axis Securities said that BPCL has demonstrated a breakout above the consolidation zone pattern between Rs 330-273 in early August on the weekly chart, signaling the onset of an uptrend.
Shares of HPCL climbed 5.35 per cent to hit a high of Rs 483.40 on BSE. BPCL shares climbed 3.87 per cent to a high of Rs 608.25. IOC also gained 3.22 per cent to hit a high of Rs 174.20.
Shares of all leading oil marketing companies- Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum- crashed up to 8 per cent during the session.
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