BPCL, IOCL Gain on Goldman Sachs Upgrade

Shares of Bharat Petroleum and Indian Oil jumped in trades on Tuesday after the international brokerage firm Goldman Sachs upgraded both the stocks.

 

Goldman Sachs upgraded Indian Oil Corporation to 'buy' from 'neutral' with a target price of Rs 427 per share which is 25 per cent higher than yesterday's close of Rs 341. The brokerage has added Bharat Petroleum to its conviction buy list.

 

The brokerage has said that the valuations of the oil marketing companies are inexpensive and downstream oil companies remain in a bright spot.

 

The shares of BPCL ended 3.4 per cent higher at Rs 741 and Indian Oil advanced 1.7 per cent to Rs 347.