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Oil India shares rose on strong Q3 results. The stock jumped as much as 2.9 per cent to Rs 365.50.
The company’s Q3 profit jumped 55 per cent to Rs 705 crore ($109.70 million), beating analysts’ average estimate of Rs 688 crore.
Deutsche Bank analysts reiterated 'buy' rating on expectations of higher oil net realisation driven by rise in global oil prices; their price target is Rs 455. Analysts at Jefferies maintain 'buy' rating with a price target of Rs 465, on account of Oil India's good quarter, with EBITDA up 27 per cent q-o-q.
13 of 26 brokerages rate the stock “buy” or higher, eight "hold” and five “sell” or lower; their median price target is Rs 384.50.
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