NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
HDFC Securities Report
Bharat Petroleum Corporation Ltd. stock has rallied ~35% and has outperformed the Sensex by ~26% over the last three months, driven by improving auto fuel marketing margins as Brent crude price declined by ~20% to $ 76/barrel of oil over the same period and strong refining margins as diesel and jet fuel crack spreads averaged $ 23-24/bbl.
We downgrade BPCL to a 'Reduce' from a 'Buy', with a target price of Rs 475/share, owing to the risk of
lower auto-fuel marketing margins because of either a bounce-back in crude oil price or retail price cuts ahead of general elections and
moderation in refining margins.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Comprehensive Budget 2026 coverage, LIVE TV analysis, Stock Market and Industry reactions, Income Tax changes and Latest News on NDTV Profit.
