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Standout Brokerage Report: IOC remains Motilal Oswal’s top pick among OMCs; downgrades HPCL to Neutral

Updated : February 23, 2021 10:42 AM IST

In its report on oil marketing companies (OMCs), domestic brokerage firm Motilal Oswal has reiterated a buy call on Indian Oil Corporation (IOC) with a target price of Rs 142. It expects discount to peers to shrink on IOC and said that the stock remains its top pick among OMCs.

Motilal Oswal also believes that IOC is out of its capex cycle and expects the free cash flow generation to improve.

Among other OMCs, the brokerage has upgraded BPCL to Buy from Neutral with a target price of Rs 520. It believes that both BPCL as well as the government is taking the right strides towards divestment.

However, the brokerage has downgraded HPCL to Neutral from Buy with a target price of Rs 277 per share as the key concern for the stock remains capex as well as debt.

In the special segment ‘Standout Brokerage Report’, CNBC-TV18’s Nimesh Shah gets more details from the report.

Watch video for more

To watch other videos in this series, click the 'Standout Brokerage Report' tab below.

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