Zomato, Oil India, IGL: How these stocks are trading after HSBC and Morgan Stanley raise targets

Zomato, Oil India, IGL: Zomato is trading flat, while Oil India and IGL are trading higher on BSE on Tuesday (March 12, 2024) after brokerages HSBC and Morgan Stanley raised their share price targets.

Let's have a look at where Zomato, Oil India, and Indraprastha Gas Limited (IGL) are trading today. 

Zomato 

Zomato was trading flat at Rs 155.05 at 10:01 am on Tuesday.

While HSBC maintained a 'buy' call on the firm, it has raised the target to Rs 200 from Rs 163. 

In its report, HSBC wrote that Zomato's advertising revenue will remain the cornerstone of the quickcommerce (Blinkit) business in long term.

The brokerage is expecting digital spend share to increase in India and, within that, platforms to gain share, thereby helping Blinkit.

HSBC also expects Blinkit's advertising revenue to be three per cent of the total digital ad-spend of India in five years, which is around 5 per cent EBITDA margins.

Oil India  

Oil India jumped over two per cent in the morning session and was trading up by 0.24 per cent, or Rs 1.50, at Rs 616.70. 

Morgan Stanley has maintained its 'overweight' rating on the company, raising its target to Rs 745 from Rs 487. 

In its report, writing about the gas sector, Morgan Stanley said that the gas market oversupply would reach multi-decade highs in the upcoming years.

The brokerage writes that it would inflect demand, specially in India and Southeast Asia, and save $10 billion in energy costs through 2030, with energy consumption rewiring back in favour of gas for the region.

Gas accelerates renewable adoption and also partly solves policymaker trilemma of supporting AI adoption and decarbonisation at affordable prices, Morgan Stanley writes in its report.

IGL 

Indraprastha Gas Limited also jumped by 3.45 per cent to the day's high of Rs 438.15.

The stock of IGL was trading up by 1.03 per cent, or Rs 4.35, at Rs 427.90 on Tuesday. 

Morgan Stanley has upgraded IGL to 'overweight' from 'equalweight', raising its target to Rs 522 from Rs 413.