Shares of HPCL climbed 5.35 per cent to hit a high of Rs 483.40 on BSE. BPCL shares climbed 3.87 per cent to a high of Rs 608.25. IOC also gained 3.22 per cent to hit a high of Rs 174.20.
OMC target prices: Emkay Global has a target of Rs 600 for BPCL, Rs 500 for HPCL and Rs 160 for IOC. It has 'Buy' ratings on BPCL and HPCL and 'Add' rating on IOC.
BPCL’s reported GRM was above Kotak's estimate, while its implied marketing margin was below its estimate. HPCL's Q3 missed Kotak's Ebitda estimate due to a lower-than-expected marketing margin.
PSUs in the capital goods sector, Kotak said, have seen a sharp rerating in their multiples over the past year, driven by a sharp increase in order books and elevated profitability and returns.
HPCL, which climbed 9.38 per cent in the previous session, tanked 4.49 per cent to hit a low of Rs 399. IOC, on the other hand, declined 3.78 per cent to hit a low of Rs 128.25.