HSBC raises target price for BPCL, HPCL, IOC

Sirali Gupta Mar 01,2024

HSBC sees more room for oil market company (OMC) stocks like HPCL, BPCL and IOC.

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In the near term, the brokerage expects range-bound oil prices to support profitability and sees a medium-term benefit from refinery upgrade.

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The brokerage says a revision in valuation multiples to reflect reduced government intervention and tacit support.

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Here is how HSBC views OMC stocks:

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BPCL

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HPCL

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IOCL

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