New Delhi: ICICI Direct Research has recommended buying shares of Hindustan Petroleum Corporation Limited (HPCL) with a target of 30 days. The brokerage firm suggested share price target price and Stop Loss for the PSU stock.
HPCL share price target
ICICI Direct advised stock market investors to buy HPCL shares at Rs 389 apiece. The brokerage said the counter has the potential to appreciate to the levels of Rs 397 and Rs 426. The scrip can be safeguarded by positioning the Stop Loss at Rs 376. The stock recommendation was released on August 7, 2024.
HPCL’s 52 week high is Rs 406 which it touched on July 31, 2024. On August 5, when the stock markets plummeted, the PSU stock had made a low of Rs 377.
HPCL 2023-24 Results
In 2023-24, HPCL registered a consolidated Profit after Tax (PAT) of Rs 16,015 crore during, while the standalone PAT during was also highest ever at Rs 14,694 crore. The company has reported consolidated Net Loss of Rs 6,980 crore and standalone Net Loss of Rs 8,974 crore during the previous financial year.
In its financial report, the PSU stated that its standalone PAT for the fourth quarter of 2023-24 stood at Rs 2,843 crore, an increase of 437% over PAT of Rs 529 crore reported during previous quarter Oct-Dec 2023.
The company reported Revenue from operations of Rs 1,21,532 crore for the last quarter of the previous financial year as compared to Rs 1,14,445 crore reported for the corresponding quarter of previous year.
“The Average GRMs (Gross of export duty) for the FY 2023-24 were US$ 9.08 per barrel (US$ 12.09 per barrel during the previous financial year). Average GRMs (Gross of export duty) for the period Jan-Mar 2024 were US$ 6.95 per barrel (US$ 14.01 per barrel during the corresponding period of previous year). The reduction in GRMs is in line with the trend of international product cracks,” the company said in its statement.
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Stock to Buy: ICICI Direct Research backed HPCL share price to increase in 30 days to the levels of Rs 397 and Rs 426. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
