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Buy BPCL, target of Rs 526: Indiabulls Securities

Posted on: July 8th, 2009 and is filed under Brokerage Recommendations.

Indiabulls Securities Research has recommended a buy rating on Bharat Petroleum Corporation (BPCL), with price target of Rs 526, in its report dated July 1, 2009.

“With crude oil prices hovering at around $ 70 per barrel levels, we expect the under-recoveries for PDS kerosene and domestic LPG to escalate further. However, the recent price hike in petrol and diesel prices should provide some respite to the Company. At its current market price (CMP) of Rs 453.7, the stock trades at a forward P/E of 8.6x and 8.3x for FY10E and FY11E, respectively. We have revised our estimates to consider the recent developments in the sector. Based on our valuation, we have arrived at a target fair value of Rs 526, which provides an upside potential of 15.9% from the CMP. Thus, we upgrade our rating for the stock to Buy,” says Indiabulls Securities’ research report.

source: Moneycontrol

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