January 31, 2018 / 4:27 AM / 20 days ago

BUZZ-Refiner Indian Oil jumps on Q3 profit beat

** Shares of Indian Oil Corp Ltd jump as much as 2.6 pct to 427.4 rupees

** Stock climbs to its highest since Oct 27, 2017

** Q3 profit nearly doubles on higher inventory gains due to a sharp rise in global oil prices

** Qtrly inventory gain at 63.01 bln rupees on crude and refined products vs 30.51 bln rupees a year ago

** Q3 beat was largely driven by robust marketing margin performance, with petchem and pipeline profits broadly in line - Credit Suisse

** Deutsche Bank retains ‘Buy’ rating on increase in refining segment contribution, robust regional refining margins and improvement in marketing segment contribution led by higher volumes

** Out of 33 analysts covering the stock, 23 have a “buy” or higher rating, 5 have “hold” while 5 rate it “sell” or lower; median PT is 495 rupees - Thomson Reuters data

** Up to Tuesday’s close, stock had risen 7.1 pct this year

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