Lalit Kumar Gupta, CEO, Essar Oil, said the Iraq crisis is unlikely to have negative impact immediately as there is enough oil supply in the markets.

However, Gupta said Essar Oil has enough refining capacity to avoid the crisis for now. He doesn’t see any impact on refining margins due to rise in crude oil price. The company’s gross refining margins improved to USD 10.12 a barrel as against USD 9.06 a barrel year-on-year in the fourth quarter of FY14 . The fourth quarter went well as the year-end demand was good, said Gupta, adding that he expects margins to improve in the coming quarters.

Bank of America Merrill Lynch has upgraded the stock to buy from underperform with a target price of Rs 200 implying a 50 percent upside from current levels. The brokerage house expects margins to break out of historical range of 5.5-6 percent and raises margin assumptions by 100-250 basis points to 7.1-8.7 percent.

Reports suggested that the group is planning a USD 2.5 billion fund raising via QIP and foreign loans. The group will raise USD 1 billion selling new shares of Adani Enterprises and will raise an additional USD 1.5 billion from banks abroad to fund various projects.

Country’s second largest state-run lender Punjab National Bank (PNB) said interest rates are unlikely to come down in next 2-3 months as inflation is still high.

The sharemarket could correct 8-10 percent from current levels, cautions Vibhav Kapoor, Group CIO, IL&FS. But he is advising investors to buy on every decline and sees the Nifty touching 8300 by March. In an interview to CNBC-TV18, Kapoor says the risk reward ratio right now is not favourable. Two key concerns are the possibility of deficient monsoons and high expectations from the Budget.