Credit Suisse upgrades BPCL to 'outperform'

Credit Suisse upgrades Bharat Petroleum Corporation (BPCL) by two notches to "outperform" citing attractive valuations.

The investment bank says 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. Credit Suisse also upgrades Hindustan Petroleum Corporation (HPCL) to "neutral" from "underperform". BPCL is down 3.65 percent while HPCL falls 3.23 percent in a nearly flat market. Also Read: Diesel export pricing parity likely; FinMin supports move