Shares of Bharat Petroleum Corporation Ltd (BPCL) hit a record high today after global brokerage Jefferies upgraded BPCL to ‘buy’ from the ‘underperform’ stance earlier. It also raised its target price to Rs 890 per share from Rs 415 per share. The latest price target marks a potential upside of 36% from the current level.
The stock rose 5.39% to a fresh high of Rs 687.65 on BSE. Market cap of the company stood at Rs 1.44 lakh crore. BPCL saw 6.21 lakh shares changing hands amounting to a turnover of Rs 41.87 crore on BSE. It clocked a record low of Rs 314.10 on February 28, 2023.
In terms of technicals, the relative strength index (RSI) of the stock stands at 77.8, signaling it's trading in the overbought zone.
Jefferies said BPCL offers the largest margin of safety among oil marketing companies. On the other hand, it assigned a ‘hold’ rating on Indian Oil Corporation (IOC) and raised its target price to Rs 215 per share against Rs 135 per share earlier. The target price amounts to a potential upside of 13% from Thursday’s close.
Morgan Stanley is bullish on the BPCL stock with a target of Rs 644.
Th stock hit record high for the second straight session today as around 68.4 lakh shares or 0.3 percent stake in BPCL changed hands in a block deal on February 14. The stock touched a record high of Rs 657 on February 15, 2023
Bharat Petroleum Corporation Limited is a producer, refiner and distributor of petroleum products. Its business includes fuel services, Bharatgas, MAK Lubricants, refineries, gas, industrial & commercial, international trade and proficiency testing.
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