Buy BPCL, target price Rs 544: ICICI Securities

ICICI Securities has buy call on Bharat Petroleum Corporation with a target price of Rs 544. The current market price of Bharat Petroleum Corporation is Rs 431.5.

Bharat Petroleum Corporation Ltd., incorporated in the year 1952, is a Large Cap company (having a market cap of Rs 93104.33 Crore) operating in Gas & Petroleum sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 66809.47 Crore, up 34.39 % from last quarter Total Income of Rs 49713.32 Crore and down -11.54 % from last year same quarter Total Income of Rs 75527.70 Crore. Company reported net profit after tax of Rs 2627.45 Crore in latest quarter.

Investment Rationale
The brokerage expects global demand recovery and refinery closures to drive GRM recovery.

Promoter/FII Holdings
Promoters held 53 per cent stake in the company as of Dec 30, 2020, while FIIs held 11.5 per cent, DIIs 20 per cent and public and others 15.5 per cent.