Brokerage firm Morgan Stanley has raised its price target on India's state-run oil refiners Hindustan Petroleum Corporation Ltd. (HPCL), Bharat Petroleum Corporation Ltd . (BPCL) and Indian Oil Corporation Ltd. (IOC) by up to 23% on Thursday, November 6, expecting these stocks to rally further. The brokerage remains "overweight" on all three stocks.

Indian Oil's price target has been raised to ₹207 from ₹168 earlier, which implies a potential upside of 25% from current levels.

BPCL's price target has been raised to ₹468 from ₹397 earlier, which implies an upside of 31% from while HPCL's target was raised to ₹610 from ₹533 earlier, implying a potential upside of 28% from current levels.

Morgan Stanley expects the free cash flow generated by these fuel retailers to be at least one-third

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