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    HomeNewsBusinessStocksSell Bharat Petroleum; target of Rs 585: Religare

    Sell Bharat Petroleum; target of Rs 585: Religare

    Religare is bearish on Bharat Petroleum has recommended sell rating on the stock with a target price of Rs 585 in its research report dated September 01, 2016.

    September 02, 2016 / 19:09 IST
       
       
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      Religare's research report on Bharat Petroleum

      BPCL reported a below-expected operating performance, with Q1 GRMs at US$ 6.1/bbl underperforming. Marketing inventory gains of Rs 12.8bn shored up EBITDA to Rs 38bn, adjusted for which marketing margins likely declined ~25% YoY. The only positive was an 8.4% increase in market sales volumes which outperformed the industry, implying market share gains. While the Kochi expansion by Q4 is on track, GRM improvement from this segment seems to be priced in. Maintain SELL; Sep’17 TP Rs 585. For all recommendations, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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      first published: Sep 2, 2016 07:09 pm

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