HINDUSTAN OIL EXPLORATION LIMITED

DATE: 21.05.07
www.niftyiews.com

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INVESTMENT
RATIONALE:
As the name implies hoec is indias
first private sector oil exploration
KEY STATS:- and production company .the
NSE CODE: HINDOILEXP company had been originally
BSE CODE: 500186 promoted by hdfc group andis now
REUTERS: HOEC.BO
CMP: 97 under the management of burenn
RATING: BUY LOW RISK energy plc.
TARGET PRICE: THREE
MONTH 128
ONE-YEAR VIEW: ATLEAST
50% RETURNS.

TEAM
STOCKRESEARCHERS
Pvt. Ltd.
3 SUBHASHNAGAR CORNER,RAIYA ROAD,
RAJKOT, Gujarat, 360007
www.niftyviews.com
CONTACT:09327744250
CST NUMBER: AADCT0544JST001
TECHNICAL VIEWPOINT

The stock has reacted

sharply from its year highs
of 170 rs to those of current
levels.we advise traders to
take an entry in the stock at
cmp of rs 97. technically the
cmp is a good entry level.
we advise traders to book
partial profits at 125 138
range and keep the
remaining positions for
multibagger returns in
coming months.
 Delete box, or FUNDAMENTAL VIEWPOINT
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The company was in the bad phase in the recent past with no major findings.
but in the recent past the management has announced the oil discovery at
pramoda oil Field and py -1 field.the management has entered into a bank
loan of around 10 crore $ to develop the field.we believe the field has a great
potential as the 3.5 cr $ which the company recently finished will also be
used for the development of py1 field.the company has recently done a gas
purchase agreement with ppn power generating company.when we do a back
calculation we come to a value of 275 crores approx for the gas per year .this
is considerably higher compared to the company current turnover of rs 115
crore.we advise traders can keep this stock in our model Portfolio.technically
the cmp is a good entry level.we advise traders to book partial profits at 125
138 range and keep the remaining positions for multibagger returns in
coming months.additional triggers are fii investment coming at cmp.recently
hsbc and goldman sachs bought a chunk from open market.further buying
will lead to a breakout above 104 levels. rakesh jhunjunwala group holds 4%
equity in hoec and there aquisition price is above cmp.we advise a buy at
cmp and at every major dip.

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