homevideos Newsmarket Newsstocks NewsMorgan Stanley gives Oil India target price a 36% lift
videos | Jun 16, 2022 10:32 AM IST

Morgan Stanley gives Oil India target price a 36% lift

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Morgan Stanley has upgraded Oil India to ‘overweight’ from ‘equalweight’ raising the target price to Rs 369 versus its earlier target price of Rs 272.

Morgan Stanley has upgraded Oil India to ‘overweight’ from ‘equalweight’ raising the target price to Rs 369 versus its earlier target price of Rs 272.

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The brokerage has also raised the FY23 and FY24 EPS estimates by 37 percent and 56 percent respectively. According to Morgan Stanley, there is a tailwind for the upstream and refining earnings for Oil India on the back of declining inventories, supply-side tightness and demand recovery.
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Morgan Stanley believes that the upside from the refining is underappreciated by the Street after the acquisition of Numaligarh refinery. The brokerage house expects the company to deliver 44 percent earnings CAGR and 600 basis points (bps) return on equity (RoE) expansion over the next two years.
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