Buy BPCL, target price Rs 450: Kotak Securities

Kotak Securities has buy call on Bharat Petroleum Corporation with a target price of Rs 450. The current market price of Bharat Petroleum Corporation is Rs 429.3.

Bharat Petroleum Corporation Ltd., incorporated in the year 1952, is a Large Cap company (having a market cap of Rs 93397.18 Crore) operating in Gas & Petroleum sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 66809.47 Crore, up 34.39 % from last quarter Total Income of Rs 49713.32 Crore and down -11.54 % from last year same quarter Total Income of Rs 75527.70 Crore. Company reported net profit after tax of Rs 2627.45 Crore in latest quarter.

Investment Rationale
The stock is trading in an ascending channel pattern and an inverted hammer candlestick formation, which indicates a bullish momentum in the near term.

Promoter/FII Holdings
Promoters held 53 per cent stake in the company as of Dec 30, 2020, while FIIs held 11.5 per cent, DIIs 20 per cent and public and others 15.5 per cent.