Tuesday 4 November 2008

HPCL a market performer: Karvy

Karvy Stock Broking has rated Hindustan Petroleum Corporation (HPCL) as a market performer with a target of Rs 230 in its November 4, 2008 research report. "HPCL has reported loss during Q2FY2009 even after accounting for oil bonds of Rs 42,212 million (oil bonds of Rs 23,555 million in Q2FY2008) and receipt of Rs 30,190 million (Rs 9380 million) towards subsidy under recovery share from upstream companies. The company reported a loss before prior period items of Rs 32,189 million (profit of Rs 8,530 million)."

"Market sales tonnage grew by 19.5% YoY to 6.01 million ton, but refinery throughput was lower at 4.19 million ton as against 4.25 million ton. Pending clarity on further issuance of oil bonds, we maintain our target price of Rs 230 and rate the stock as Market performer," says Karvy Stock Broking's research report.

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Source: Moneycontrol

Posted by Harsh at 09:58

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