Moneycontrol
Last Updated : Nov 02, 2018 10:12 AM IST | Source: Moneycontrol.com

HPCL gains 4% despite weak Q2 show; IDBI Capital downgrades with target Rs 248

Deutsche Bank Research has maintained hold rating on the stock and hiked target price to Rs 240 from Rs 230 per share.

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Shares of Hindustan Petroleum Corporation (HPCL) gained 4 percent in the early trade on Friday on weak set of numbers declared by the company for the quarter ended September 2018.

The company's Q2 net profit fell 36.5 percent to Rs 1,092 crore versus Rs 1,719.2 crore in the quarter June 2018.

Revenue rose 0.3 percent to Rs 67,517.9 crore versus Rs 67,311.5 crore.

Operating profit or EBITDA was down 26.7 percent to Rs 2,121.8 crore, while margin was down at 3.14 percent.

Deutsche Bank Research has maintained hold rating on the stock and hiked target price to Rs 240 from Rs 230 per share. It see a potential upside of 5 percent.

The Q2 net profit and EBITDA were below estimates, while it expecting headwinds ahead in the marketing business.

IDBI Capital has downgraded the stock to accumulate from buy and maintained target at Rs 248.

The Q2 result was below expectation led by lower than expected sales volume, weaker GRM and higher forex losses, it said.

It believes that lower crude price and regular price hike to improve marketing margins.

It expect crude oil price to soften, while election year would continue to act as an overhang.

At 09:20 hrs Hindustan Petroleum Corporation was quoting at Rs 236, up Rs 6.55, or 2.85 percent on the BSE.

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First Published on Nov 2, 2018 09:25 am
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