Sell Chennai Petroleum Corporation Ltd., target Rs 240.0 : Centrum Broking

Centrum Broking has Sell call on Chennai Petroleum Corporation Ltd. with a target price of Rs 240.0. The current market price of Chennai Petroleum Corporation Ltd. is 288.6. Time period given by analyst is year, when Chennai Petroleum Corporation Ltd. price can reach defined target. Centrum said that core GRMs are expected to remain weak in a tepid environment as the distillate yield is low and not geared to beat benchmark Singapore GRM. It pegged PB at 1.5x FY17 and 1.2x FY18E earnings.