Buy Oil India - Nearing rock bottom - BRICS Research

(CMP Rs1,179, BUY)

- India's FY12 oil subsidy bill is likely to be Rs1.09-1.49tn

- We estimate OIL's H2FY12 net oil price realisation between US$58 per barrel and US$59 per barrel, and at US$65 per barrel for FY12.

- Stock reflects US$55 per barrel net oil price realisation (near long-term average). Limited downside. Upgrade to BUY.

Source : Equity Bulls

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