Motilal Oswal is bullish on HPCL recommended buy rating on the stock with a target price of Rs 304 in its research report dated August 08, 2020.
At Rs 37,721 crore, revenue from operations for the June quarter fell by 43 percent compared to Rs 66,154.9 crore in the March quarter.
The Ministry of Petroleum and Natural Gas started mulling over the idea of legalisation of home delivery of HSD in 2017, after which it introduced the Petroleum Explosives Safety Organisation (PESO) to draft guidelines in this regard
Gross sales in 2019-20 was Rs 2,86,250 crore, compared Rs 2,95,713 crore for the previous year.
State-run HPCL on June 16 reported a net profit of Rs 2,637 crore for 2019-20, a 56 percent drop from Rs 6,029 crore recorded the previous year.
HPCL recorded domestic sales volume of 9.25 million tonnes in the fourth quarter, against 10.03 million tonnes in the corresponding quarter of the previous financial year.
The move will not impact consumers and price hike will be absorbed by OMCs, a government official said
It is alleged that HPCL had an agreement with Dima Hasao Autonomous Council which used Gandhi as a subcontractor for procurement of bamboos to be used in making paper.
Oil Minister Dharmendra Pradhan had in the last few days held talks with his counterparts in Saudi Arabia and the UAE with a view to shoring up supplies.
While IOC, which controls more than 50 percent of the market, did not share its sales data, both BPCL and HPCL have said their diesel and petrol sales have fallen by over 55 percent.
India will join the select league of nations using petrol and diesel containing just 10 parts per million of sulphur as it looks to cut vehicular emissions that are said to be one of the reasons for the choking pollution in major cities.
Asia's third largest economy with 1.4 billion people has reported about 500 cases of the virus but health experts say a big jump could be imminent. The government has halted domestic flights and most train and metro services.
Shares of paint companies gained up to 2 percent, as the crude oil is the major raw material for them.
"Volatile rupee is not good for any refiner because there is a time lag between purchase of crude and sale of finished goods," said he said.
ONGC and HPCL bought 17.28 per cent stake each from lenders, the firms said in separate but almost identical regulatory filings.
CLSA maintained sell rating and cut target to Rs 210 from Rs 240 per share.
HPCL had a foreign exchange gain of Rs 82 crore in the December quarter as compared to a forex gain of Rs 557 crore a year back, Surana said.
Fitch affirmed HPCL's rating 'BBB-' with stable outlook, in line with the credit profile of its largest shareholder Oil and Natural Gas Corp Ltd (ONGC).
Stocks that are likely to get impacted the most include names like Maruti Suzuki India, Bajaj Auto, HPCL, IOC, and Asian Paints, etc. may see a negative impact in the near term.
The new global IMO rules require the maximum sulphur content in marine fuel oil to be reduced to 0.5 per cent from the previous levels of 3.5 per cent, effective January 1, 2020.