Chennai Petro can test Rs 272-275: Bhamre

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Chennai Petro can test Rs 272-275: Bhamre

Chennai Petroleum Corporation can test Rs 272-275, says Siddharth Bhamre, Angel Broking.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Siddharth Bhamre See what other Experts & Brokerages are saying about Chennai Petro See messages about Chennai Petro Chennai Petro BSE | NSE 01/06/12 Are Mutual Funds betting on Chennai Petro?

Chennai Petroleum Corporation can test Rs 272-275, says Siddharth Bhamre , Angel Broking.

Bhamre told CNBC-TV18, "In Chennai Petroleum Corporation we saw good amount of build up yesterday, around 14-15%. The stock has good support around Rs 240 to 235. I think it is more of long positions. You saw good volumes; cost of carry had increased significantly. So we are expecting price escalation to Rs 275-272 levels, so fix a stoploss of around Rs 236 and go long for those targets."

The company's trailing 12-month (TTM) EPS was at Rs 16.33 per share. (Jun, 2010). The stock's price-to-earnings (P/E) ratio was 15.22. The latest book value of the company is Rs 232.49 per share. At current value, the price-to-book value of the company was 1.07. The dividend yield of the company was 4.83%.