Friday, 21 November 2008

Buy BPCL: Indiabulls Securities

Indiabulls Securities Research has upgraded its rating on Bharat Petroleum Corporation (BPCL) to buy in its November 20, 2008 research report. "Bharat Petroleum Corporation Limited (BPCL) reported a net loss of Rs 26.3 billion for Q2’09 on account of higher under-recoveries (Rs 102.8 billion) and inventory losses (Rs 6.1 billion), caused by higher crude oil prices. We have revised our estimates to incorporate the affect of the falling crude oil prices and the depreciating rupee. Based on our valuation, we have arrived at a fair price value Rs 370, implying an upside potential of 18.3%. Thus, we upgrade our rating on the stock to Buy," says Indiabulls Securities' research report.

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Source: Moneycontrol

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