HPCL jumps to 52-week high for 3rd consecutive session amid hopes of oil price rise post General Elections
Zee Business research says that OMCs may increase prices after the 2024 Parliamentary elections. Oil prices have been in the range of $75-85 since November 2023.
HPCL Share Price: Hindustan Petroleum Corporation Limited (HPCL) hit a 52-week high of 594.45 on BSE on Friday (February 16, 2024) amid hopes that oil marketing companies (OMCs) may increase oil prices after the 2024 General Elections.
The stock, however, slipped to close down by 1.63 per cent, or Rs 9.35, at Rs 565.60 on Friday.
HPCL's 52-week high on Friday is a third in a row as the OMC also achieved the same feat on February 14 and 15.
OMCs may increase prices
Zee Business research says that OMCs may increase prices after the 2024 Parliamentary elections.
Oil prices have been in the range of $75-85 since November. There has been a spread of 40 per cent since December.
Since the government is not cutting oil prices at present, marketing margins of OMCs are expected to be good in FY25, say analysts.
While there was no hike in petrol prices, diesel prices rose as the Red Sea issue emerged when Yemen's Houthi extremists' missile and drone attacks disturbed sea supplies.
What does Jefferies say about HPCL?
Jefferies has maintained an 'underperform' rating on HPCL, raising the target to Rs 550 from Rs 330.
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