Buy HPCL, target Rs 1,359: Motilal Oswal

Motilal Oswal maintains a buy rating on HPCL with a 12-month target price of Rs 1359. "The rationales on HPCL is that post the deregulation of oil prices, we have seen better days for this company. The crude prices have come down quite sharply, even if there is increase in the oil prices, then it will pass on the excise duty, so that is one major cushion," said Yogesh Mehta, MOSL.

Hindustan Petroleum has gained 9 per cent in the year so far as the jump in crude oil demand in India has aided the company's profitability.

"There is scope for meaningful upside in volume growth in India and considering huge vehicle which are selling on monthly basis that will drive the volumes and profitability for HPCL," he added.