Buy Bharat Petroleum Corporation, target price Rs 544: ICICI Securities

ICICI Securities has buy call on Bharat Petroleum Corporation with a target price of Rs 544.
The current market price of is Rs 475.95 .

Bharat Petroleum Corporation Ltd., incorporated in the year 1952, is a Large Cap company (having a market cap of Rs 103202.20 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
Recovery in diesel cracks is key to GRM recovery. BPCL is the top pick among OMCs as the brokerage is more confident of gains from privatisation than marketing margin and GRM recovery, on which peers’ fortunes are more dependent.

Promoter/FII Holdings
Promoters held 51.5 per cent stake in the company as of March 31, 2021, while FIIs held 5.8 per cent, DIIs 13 per cent and public and others 29.7 per cent.

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