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BPCL share price flat on fundraising plan; Citi maintains a 'buy' rating

Citi has issued a "buy" rating for BPCL and set a target price of Rs 485 per share.

June 30, 2023 / 09:55 IST
The fundraising is subject to all statutory approvals.
     
     
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    Bharat Petroleum Corporation (BPCL) share price up marginally in the early trade on June 30 after company board approved fundraising.

    Bharat Petroleum Corporation board at the meeting held on June 28 has approved the proposal for raising capital upto an amount not exceeding Rs 18,000 crore.

    This capital will be raised by way of issue of equity shares on rights issue basis to eligible equity shareholders as on the record date (to be notified subsequently), company said.

    The fundraising is subject to all statutory approvals.

    Catch all the market action on our live blog

    Morgan Stanley

    Morgan Stanley has given an "overweight" rating for BPCL and set a target price of Rs 425 per share. However, they believes that the recently announced capital infusion through a rights issue of USD 2.2 billion could have been avoided.

    The capital infusion indicates that the government's focus has shifted away from divestment and towards energy security.

    Citi

    Citi has issued a "buy" rating for BPCL and set a target price of Rs 485 per share. However, they are not entirely convinced of the rationale behind the equity raise announced by BPCL.

    They believe that this equity raise could potentially limit the near-term upside potential for BPCL's stocks.

    At 09:49 hrs Bharat Petroleum Corporation was quoting at Rs 365.35, up Rs 0.15, or 0.04 percent on the BSE.

    Moneycontrol News
    first published: Jun 30, 2023 09:55 am

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