Oil India trades higher for 7th straight day, hits 18-month high

HDFC Securities has a BUY recommendation on Oil India with a revised price target of Rs 183

Shares of Oil India hit an 18-month high of Rs 161.60, up 3 per cent on the BSE in intra-day trade on Monday on improved outlook.

The stock of the state-owned oil exploration and production company was trading at its highest level since November 2019. It was quoting higher for the seventh straight trading day. In the past one month, Oil India has gained 22 per cent as compared to a 2.7 per cent rise in the S&P BSE Sensex.

Analysts expect oil prices to increase to ~ $59/61 per barrel in FY22/23E vs. $ 44/bbl in FY21 given global economic rebound