OILs share price has moved up by 29% over the past 6-months led by stable crude prices and increase in IOCs share price (contributes Rs 97/sh in OILs fair value). However, OIL is still trading at significant discount to ONGC. Our SOTP target is Rs 470/sh (7.5x 12 months rolling forward standalone core EPS Rs 212/sh from investments). Maintain BUY.