The target has been raised even as the stock has risen 61 per cent in the past one year. The brokerage said that operating cash flow and free cash flow fell due to lesser savings in working capital compared to the previous financial year.
Following the development, the stock rose 1.98 per cent to hit a 52-week high of Rs 327.05 on BSE. At this price, the stock is trading nearly 2 times its 52-week low of Rs 172.53 hit on February 12 this year. Stocks of two other listed OMCs, HPCL and BPCL, were trading higher by 1.33 per cent and 1.21 per cent, respectively.
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