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BPCL, HPCL, IOC up 1-3% as crude oil prices slip below $60; Macquarie keeps buy on OMCs


Shares of oil marketing companies including BPCL, HPCL and IOC are trading 1-3 percent higher on Thursday after Brent crude oil prices dropped in the global market.
Currently, Brent crude prices are trading around USD 58.97 per barrel.
On Wednesday the prices slipped by about 2.5 percent after US crude inventories rose for the 10th straight week to the highest in a year, adding to worries about a worldwide supply glut.
Research house Macquarie has maintained buy on BPCL, HPCL and IOC with a target of Rs 392, Rs 300 and Rs 176 respectively.
Macquarie believes that there is a further upside in the stocks and with lower oil, margin is likely to normalise sooner.
The policy risks expected to dissipate. The FY19-21 earnings estimates raised by 1-10%, while valuations look attractive, it added.
At 09:32 hrs Indian Oil Corporation was quoting at Rs 135.60, up 1.19 percent, Bharat Petroleum Corporation was quoting at Rs 326.50, up 1.57 percent and Hindustan Petroleum Corporation was quoting at Rs 241.85, up 1.51 percent on the BSE.