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Mumbai: Brokerages have a mixed view on BPCL even as it reported consolidated profit growth of 21.6 per cent in the quarter ended June.
Emkay has a buy rating, Motilal Oswal maintained neutral rating and Morgan Stanley has retained overweight rating after the quarterly numbers. Bank of America Securities has retained buy, CLSA has maintained sell, and UBS has a buy recommendation.
“BPCL posted an EBITDA beat in 1QFY21 (June quarter) on better-than-expected marketing margins, counterpoised with marginally weaker GRMs (gross refining margins),” said Motilal Oswal. The brokerage has maintained neutral with a slim possibility of divestment in the current circumstances.
CLSA said privatisation-linked news flow may drive near term excitement, but BPCL remains the most expensive global refiner.
IDBI Capital has downgraded the stock to hold from buy following the recent run-up in valuation.
Morgan Stanley, which has maintained an overweight recommendation, said the earnings beat by BPCL was driven by strong retail fuel margins but demand recovery remains gradual as most Indian refineries look to unwind inventory.
Emkay has a buy rating, Motilal Oswal maintained neutral rating and Morgan Stanley has retained overweight rating after the quarterly numbers. Bank of America Securities has retained buy, CLSA has maintained sell, and UBS has a buy recommendation.
“BPCL posted an EBITDA beat in 1QFY21 (June quarter) on better-than-expected marketing margins, counterpoised with marginally weaker GRMs (gross refining margins),” said Motilal Oswal. The brokerage has maintained neutral with a slim possibility of divestment in the current circumstances.
CLSA said privatisation-linked news flow may drive near term excitement, but BPCL remains the most expensive global refiner.
IDBI Capital has downgraded the stock to hold from buy following the recent run-up in valuation.
Morgan Stanley, which has maintained an overweight recommendation, said the earnings beat by BPCL was driven by strong retail fuel margins but demand recovery remains gradual as most Indian refineries look to unwind inventory.