Oil India stock rises, gains in crude oil boom, Kotak Equities upgrade
Oil India stock gains
The broking firm has raised its average crude oil forecast for 2022-23 from $90 a barrel to $105 a barrel. Due to this the rating of oil companies has also increased.
Due to the increase in crude oil prices, many companies in the oil sector are getting benefits. For this reason, broking firms also remain positive regarding these companies. One of these stocks Oil India (Oil India) has stock. In today’s business, there is an increase in the stock of Oil India. Actually Kotak Security has upgraded the stock. According to broking firm Crude oil ,crude oilThe company will benefit from the increase in prices. Along with this, the company has also increased the fair value target for the stock.
What is Kotak Security’s advice
Kotak Equities while upgrading Oil India has advised investors to increase their exposure to the stock. Today the stock has seen an increase of about 5 percent and it has reached the level of 295 during trading. In fact, the broking firm has changed its estimates regarding crude oil, which has also affected the company’s rating. The broking firm has raised its average crude oil forecast for 2022-23 from $90 a barrel to $105 a barrel. At the same time, crude oil forecast for 2023-24 has been reduced from $ 70 per barrel to $ 90 per barrel. At the same time, the broking firm has reduced the average price for domestic natural gas to $ 8.9 per mmBtu, for which it was earlier estimated at $ 2.6 per mmBtu. Staying at levels, Oil India’s operating profit is expected to grow by 71 per cent in 2022-23 and 83 per cent in 2023-24. Oil India’s earnings grew 20 per cent in the March quarter as compared to the December quarter. At the same time, operating profit increased by 68 percent compared to the previous quarter.
Stock increased by more than 15 percent in 5 days
The stock has seen an increase of more than 15 percent in the last 5 days. At the same time, many broking firms have also advised to invest in stocks. Prabhudas Lilladher has given an estimate of the stock reaching the level of 344. At the same time, Emkay Global had given a target of reaching the level of 305 for the stock. The stock has reached the level of 295. In such a situation, it is possible that the broking firm may review the target of the stock again.
