BPCL shares gain after Q4 net profit doubles. Should you buy?
Bharat Petroleum Corporation (BPCL) shares gained in early trade on Tuesday after the state-run oil marketing company reported strong Q4FY23 earnings on Monday.
Following the quarterly show, BofA retained its ‘Underperform’ stance on the counter while Nuvama has a ‘Buy’ recommendation. HDFC Securities maintained ‘Add’ rating on the stock.
BPCL reported a standalone net profit of Rs 6,478 crore in the January-March quarter which more than doubled from the year-ago period on the back of a recovery in fuel marketing margins and better refining margins. The net profit stood at Rs 2,501 crore in Q4FY22.
