Brokerages maintain buy rating as BPCL beats market estimates
Mumbai: Most brokerages have maintained buy rating on Bharat Petroleum Corporation (BPCLNSE 3.46 %) after core earnings for the March quarter beat estimates.
Nomura, Edelweiss, Kotak and Antique Stock Broking have maintained buy ratings on the stock. Shares of BPCL ended up 3.5 per cent at Rs 369.90 on Friday.
“Core earnings beat expectations with robust integrated margins and stable refinery run rates. Covid-19 impact was less severe in current quarter with refinery utilisation up to 77 per cent by end May and India’s fuel demand recovering to 70 per cent of pre-Covid levels despite the ongoing lockdowns,” said Morgan Stanley, which has maintained overweight rating on the stock with a target price of Rs 517.
