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Jun 01, 2012, 04.56 PM IST
SP Tulsian, sptulsian.com is negative on BPCL, HPCL and IOC.
SP Tulsian, sptulsian.com is negative on BPCL , HPCL and IOC .
Tulsian told CNBC-TV18, “I don’t think that, though we are all talking of this crude reduction benefits coming in, but ultimately all that benefit will be flowing into the government on the exchequer account because earlier I was taking a call that probably BPCL, HPCL are the companies which have their fate accomplished that they will be showing an EPS of close to Rs 40-45. For IOC it is at Rs 28-30, but looking to the FY12 results which are since now we have everything out in place and where we have seen a reduction of 30-40% happening and now the EPS of these companies BPCL, HPCL are placed in the category of Rs 25-30 of IOC placed at Rs 18-20.”
He further added, “Government is very firm that first we want to curtail our deficit, our exchequer losses and not the oil marketing companies. So, oil marketing companies will continue to linger like this. They are not going to see any benefits. We are just taking a trading call or an autonomous call that the fall in the crude will ultimately flow into the oil marketing company, but I won’t subscribe to that news. So, definitely negative view remaining on all three oil marketing company stocks.”
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