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Last Updated : Oct 15, 2019 09:57 AM IST | Source: Moneycontrol.com

BPCL gains after Emkay Global raises target, maintains buy

ICICI Securities maintained buy call with a target at Rs 560 per share.

 
 
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The share price of Bharat Petroleum Corporation (BPCL) gained more than 1 percent in the early trade on October 15 after Emkay Global maintained buy rating and raised the target price of the stock.

The research house has maintained buy call on the stock and raised the target to Rs 570 from Rs 485 per share earlier. It also raised EV/EBITDA multiple to 7.2x from 6.9x and FY20/21E EPS by 11%/8%, factoring in higher GRM & marketing margins.

Depending on valuation methods, the FV could be in the range of Rs 550-800 per share, it added.

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ICICI Securities also maintained a buy call with a target of Rs 560 per share. The strength in refining margin sustaining until March 2020 may boost bid price.

The stock was under pressure on the back of privatisation buzz.

At 0928 hrs, Bharat Petroleum Corporation was quoting at Rs 491.05, up Rs 5.30, or 1.09 percent on the BSE.

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First Published on Oct 15, 2019 09:57 am
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