Indian Oil, HPCL shares gain after Macquarie says Indian state oil retailers in 'sweet spot'

Aug 06 2014, 12:24 IST
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SummaryMacquarie upgrades Hindustan Petroleum to 'outperform' from 'neutral', Indian Oil to 'neutral' from 'underperform'.

Indian state-run oil retailers gain after Macquarie says sector headed into "a sweet spot."

Oil retailers will benefit from falling diesel subsidy burden and rebounding gross refining margins.

Competition from private players is also a year away, Macquarie estimates.

Brokerage upgrades Hindustan Petroleum Corp to "outperform" from "neutral" and Indian Oil Corp to "neutral" from "underperform" while maintaining "outperform" on Bharat Petroleum Corp.

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