Indian Oil Marketing Co.’s – Goldman Sachs downgraded co.’s, citing that rises in diesel prices will not have a major impact on profitability. Indian Oil Corp/Hindustan Petroleum Corp reduced to sell from neutral. Bharat Petroleum Corp reduced to neutral from a buy. However Goldman Sachs was positive on oil marketing companies citing stable cash flows and attractive valuation. ONGC retained with  with a buy and Oil India raised to neutral from a sell.

In addition, Goldman Sachs expects the gap between supply and demand to widen further due production decline at KG-D6 blocks, resulting in LNG imports.

Gujarat State Petronet upgraded to buy from neutral on back of attractive valuations and likely positive surprises on transmission tariffs.

Cairn India retained a buy citing high oil leverage and best production growth profile among peers; while Reliance Industries and Essar Oil maintained a buy, on the back of rising refining margins during H2 2012. (Business Standard/Reuters)

Categories: General News

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