External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We upgrade Bharat Petroleum Corporation (BPCL) to BUY, with a target price of INR 420, given it has corrected ~30% from its peak over the last six months, owing to pressure on auto-fuel marketing margins and an increase in LPG under-recoveries</li><li>We believe the recent correction is overdone, and see limited downside from current levels, led by: (1) improvements in refining margins, (2) resumption of daily auto-fuel price changes, and (3) a gradual reduction in LPG under-recoveries.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We upgrade Bharat Petroleum Corporation (BPCL) to BUY, with a target price of INR 420, given it has corrected ~30% from its peak over the last six months, owing to pressure on auto-fuel marketing margins and an increase in LPG under-recoveriesWe believe the recent correction is overdone, and see limited downside from current levels, led by: (1) improvements in refining margins, (2) resumption of daily auto-fuel price changes, and (3) a gradual reduction in LPG under-recoveries.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BPCL (Update): Favourable risk-reward. Upgrade to BUY