The uptick in the Indian Oil share came after Jefferies upgraded the company to 'Buy'. The brokerage also raised the target price to Rs 185 per share, according to reports

Shares of Indian Oil are now trading at a steeper 70% discount to the Nifty 50 index, compared to its long-term average of 57%, according to Jefferies.

IOC shares rose 2.5% after Jefferies upgraded its rating to "buy" with a target price of Rs 185, signaling a 31% upside, citing refining margin improvements and resilient performance.

Jefferies suggests a favourable risk-reward balance following the steep correction over the past three months.