The recent movement in oil prices with Delta variant of COVID and OPEC+ output should boost the performance of the company in the medium-term. Hence, we reiterate our BUY rating on the stock with a revised target price of Rs. 126 based on SOTP valuation. Topline impacted sequentially with slowness in demand In Q1FY22, IOCL's revenue increased 74.3% YoY to Rs. 155,056cr due to increase in demand for petroleum products and petrochemicals. However, on sequential basis, revenue declined 5.2% on slowness in demand for these products amidst rising COVID...