Reduce Indian Oil, target price Rs 124: HDFC Securities Jobbery Stock Market update New

HDFC Securities has issued a reduce call on Indian Oil Corporation (IOC) with a target price of Rs 124 due to margin pressures from increasing petchem supplies, lower refining margins, and moderation in auto fuel marketing margins. Despite a rise in quarterly total income, IOCL reported weaker earnings impacted by low refining margins and inventory loss.