February 22, 2024

BPCL inventory has gained 13 p.c up to now one month, as in opposition to 0.7 p.c decline within the benchmark Sensex

Shares of Bharat Petroleum Company Restricted (BPCL) surged practically 4 p.c to hit a 52-week excessive of Rs 511.8 per share on January 30 after the corporate’s consolidated internet revenue jumped 82 p.c year-on-year (YoY) within the October-December quarter (Q3FY24).

The BPCL inventory has gained 13 p.c up to now one month, as in opposition to 0.7 p.c decline within the benchmark Sensex.

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Analysts at JPMorgan shared an ‘chubby’ name on BPCL, with a goal worth of Rs 600 per share, saying that the reported refining margins beat mannequin. “The corporate sometimes trades at a better price-to-earnings (PE) ratio, in comparison with friends. However that has at present eroded, and we anticipate that it might bounce again as soon as the Mozambique mission restarts,” the brokerage mentioned.

BPCL’s complete revenue declined 2 p.c on-year to Rs 1.3 lakh crore in Q3FY24, whereas softer crude costs helped the corporate clock 82 p.c on-year rise in internet revenue. The corporate’s gross sales had been 12.92 million metric tonnes (MMT) in Q3FY24, as in opposition to 12.81 MMT final 12 months.

Analysts at Jefferies shared an ‘underperform’ score for BPCL, with a goal worth of Rs 415 per share, saying that the potential fairness infusion by the federal government at a reduction to present market worth might be a near-term overhang.

Additionally learn: BPCL hopes to restart caught Mozambique mission in a few quarters

Within the quarter ended December, overseas institutional buyers (FIIs) elevated their stake on BPCL to 14.2 p.c from 13.01 p.c within the earlier quarter. Institutional buyers, too, upped their stake on BPCL to 37.28 p.c in Q3FY24, as in opposition to 36.48 p.c within the earlier quarter.

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Nonetheless, mutual funds trimmed their stake to 9.9 p.c within the December quarter from 10.01 p.c within the earlier quarter.

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