Indiabulls upgrades rating on HPCL to ‘buy’
Indiabulls has upgraded its rating on HPCL to ‘buy’ to factor in the impact of falling crude oil prices and the depreciating rupee.
BPCL
CMP: Rs 327.45
TARGET PRICE: Rs 370
Indiabulls has upgraded its rating on HPCL to ���buy��� to factor in the impact of falling crude oil prices and the depreciating rupee. ���At the cur-rent levels of crude oil prices and the exchange rate, we believe that BPCL will be able to generate profits,��� says the report.
The broking firm, however, acknowledges the fact that while crude oil prices have seen a sharp correction, the gains have been partially offset due to the depreciating rupee.
���The recent slide in the rupee has caused the break-even point to fall further, now estimated at around $60 per barrel at the current exchange rate. However, we believe that the rupee has depreciated primarily because of the heavy dollar outflows and should climb up in the near-to-medium term,��� says the report.
CMP: Rs 327.45
TARGET PRICE: Rs 370
Indiabulls has upgraded its rating on HPCL to ���buy��� to factor in the impact of falling crude oil prices and the depreciating rupee. ���At the cur-rent levels of crude oil prices and the exchange rate, we believe that BPCL will be able to generate profits,��� says the report.
The broking firm, however, acknowledges the fact that while crude oil prices have seen a sharp correction, the gains have been partially offset due to the depreciating rupee.
���The recent slide in the rupee has caused the break-even point to fall further, now estimated at around $60 per barrel at the current exchange rate. However, we believe that the rupee has depreciated primarily because of the heavy dollar outflows and should climb up in the near-to-medium term,��� says the report.
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