Shares of several big state-run oil companies in India saw good gains on Wednesday. Hindustan Petroleum Corp Ltd (HPCL), Bharat Petroleum Corp Ltd (BPCL), Oil and Natural Gas Corp (ONGC), and Indian Oil Corp (IOC) all jumped by as much as 5%. This rise happened after important analysts from Macquarie and Goldman Sachs praised these companies and raised their target prices.
HPCL shares went up by 4.7%, hitting Rs 349.50 on the stock market. BPCL shares increased by 3.7% to Rs 265.65. IOC shares climbed 3.2% to Rs 128.50, while ONGC shares rose 2.9% to Rs 261.50.
Goldman Sachs specifically gave a “buy” rating to HPCL and BPCL. They think HPCL could reach a target price of Rs 400, which means it could go up by 14.4%. For BPCL, their target price is Rs 360, giving it a possible rise of 35.5%. IOC, however, got a “neutral” rating with a target of Rs 110, which is lower than its current price.
Goldman Sachs noted some risks for these oil companies, like lower discounts on crude oil and no compensation for LPG losses in the government budget for FY26. But they believe these worries are already included in the current stock prices. They see better financial results for these companies next year.
Meanwhile, analysts at Macquarie upgraded ONGC. They expect it could reach a target price of Rs 310, which means it might go up by 18.5%. They noted that ONGC is expected to produce more oil due to new projects and improvements in existing fields.
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