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Hold Chennai Petroleum, target of Rs 118: Reliance Money
Reliance Money has downgraded its rating on Chennai Petroleum Corporation (CPCL) from buy to hold with a target price of Rs 118. On the bottom line front, CPCL posted loss of Rs 12.7 billion as compared to a profit of Rs 2.25 billion in Q3 FY08.
Reliance Money has downgraded its rating on Chennai Petroleum Corporation from buy to hold with a target price of Rs 118, in its January 30, 2009. "During the quarter, due to lower crude oil prices, CPCL reported 20.4% Y-o-Y and 45.4% sequential decline in sales to Rs 56.2 billion. On the bottom line front, CPCL posted loss of Rs 12.7 billion as compared to a profit of Rs 2.25 billion in Q3 FY08. We also don't expect any near term outperformance in view of lower margins and general economic slowdown. We downgrade stock from BUY to HOLD with a target price of Rs 118," says Reliance Money's report.
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