Credit Suisse has upgraded Bharat Petroleum Corp Ltd by two notches to "outperform" citing attractive valuations.
The investment bank said current share price reflects export parity pricing implementation, which should provide a floor to valuations.
"Oil marketing companies can have upside to retail price increases, commodity correction, a milder export-parity-pricing outcome and potential policy clarity," it says in a report on Wednesday. (BPCL research report)
Credit Suisse also upgraded Hindustan Petroleum Corp Ltd to "neutral" from "underperform".
BPCL was down 3.65 per cent while HPCL fell 3.23 percent in a nearly flat market.
Copyright: Thomson Reuters 2013
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