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Shares of Indian Oil jumped as Q3 profit beat estimates. The refiner's stock jumped as much as 2.6 per cent to Rs 427.40. The stock climbed to its highest since October 27, 2017.
The company's Q3 profit nearly doubled on higher inventory gains due to a sharp rise in global oil prices. Quarterly inventory gain stood at Rs 6,301 crore on crude and refined products against Rs 3,051 crore a year ago.
Q3 profit beat was largely driven by robust marketing margin performance, with petchem and pipeline profits broadly in line, says Credit Suisse.
Deutsche Bank has retained 'Buy' rating on increase in refining segment contribution, robust regional refining margins and improvement in marketing segment contribution led by higher volumes.
Out of 33 analysts covering the stock, 23 have a “buy” or higher rating, 5 have “hold”, while 5 rate it “sell” or lower; the median price target is Rs 495, according to Thomson Reuters data. Up to Tuesday's close, the stock had risen 7.1 per cent this year.
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