HPCL, BPCL, ONGC shares rally up to 5% on upgrades by Goldman Sachs, Macquarie
ONGC), and Indian Oil Corp (IOC) surged up to 5% on Wednesday after analysts at Macquarie and Goldman Sachs raised their ratings and target prices, citing improving fundamentals and an attractive risk-reward setup.
HPCL shares climbed 4.7% to Rs 349.50 on the BSE, while BPCL shares advanced 3.7% to Rs 265.65. IOC shares rose 3.2% to Rs 128.50 during intraday trading, and ONGC shares advanced 2.9% to Rs 261.50 on the BSE.
Also read |Indian shares lag global markets in January, underperform over 12 months: Motilal Oswal
Goldman Sachs’ view on oil marketing companies
Goldman Sachs upgraded HPCL and BPCL to «buy,» while revising its rating on IOC to «neutral» from «sell.» The brokerage set a target price of Rs 400 for HPCL, implying a 14.4% potential upside from the stock’s current levels. For BPCL, the target price was set at Rs 360 per share, indicating a 35.5% potential upside.
However, Goldman Sachs maintained a cautious stance on IOC, setting a target of Rs 110, which is 14.5% below its current trading price.
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