Buy Hindustan Petroleum Corporation, target price Rs 279: ICICI Direct

ICICI Direct has buy call on Hindustan Petroleum Corporation with a target price of Rs 279. The current market price of Hindustan Petroleum Corporation is Rs 268.75. ICICI Direct recommended to keep stop loss at Rs 272.7.

Hindustan Petroleum Corporation, incorporated in the year 1952, is a Large Cap company (having a market cap of Rs 38024.19 Crore) operating in Gas & Petroleum sector.

Hindustan Petroleum Corporation key Products/Revenue Segments include Refinery, Rent and Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 108634.71 Crore, down -1.21 % from last quarter Total Income of Rs 109962.38 Crore and up 9.93 % from last year same quarter Total Income of Rs 98818.10 Crore. Company has reported net profit after tax of Rs 2828.50 Crore in latest quarter.

The company’s top management includes Mr.Pushp Kumar Joshi, Mr.Sunil Kumar, Mr.Nagaraja Bhalki, Mr.Ramdarshan Singh Pal, Mr.Vivekananda Biswal, Mr.Bechan Lal, Mrs.Vimla Pradhan, Mr.Rajneesh Narang, Mr.Vinod S Shenoy, Mr.Pankaj Kumar. Company has M P Chitale & Co as its auditors. As on 31-03-2023, the company has a total of 142 Crore shares outstanding.

Investment Rationale
Price resuming uptrend after breather and sustaining above 20 day EMA suggest further upward momentum.

Promoter/FII Holdings
Promoters held 54.9 per cent stake in the company as of 31-Mar-2023, while FIIs owned 14.36 per cent, DIIs 21.4 per cent.