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    Analysts cut HPCL's earning and price targets

    Synopsis

    Shares of the state-owned oil and gas refining company closed at ₹203.65 apiece on the BSE, down 3.51% from the previous close. Analysts, on aggregate, have set a price target of ₹251.45 per share over the next 12 months compared with ₹270.14 earlier.

    Analysts cut HPCL's earning and price targetsAgencies
    Mumbai: HPCL fell more than 3.5% on Friday after its second-quarter earnings disappointed analysts, leading to cuts in earning and price targets.

    Shares of the state-owned oil and gas refining company closed at ₹203.65 apiece on the BSE, down 3.51% from the previous close. Analysts, on aggregate, have set a price target of ₹251.45 per share over the next 12 months compared with ₹270.14 earlier.

    Out of the 20 analysts who reviewed the company's September quarter earnings, 13 cut their targets, while six kept them unchanged. One firm - Motilal Oswal Financial Services - raised the price target to ₹216 from ₹203.
    ...Cut HPCL’s Earning and Price TargetsET Bureau

    Domestic brokerage firm Antique Broking is at the top of the table with analysts expecting the price to touch ₹351 (from ₹363 earlier) followed by Edelweiss that set a target of ₹302 (from ₹328 earlier). ICICI Securities maintained its 'reduce' rating with a target price of ₹186. "HPCL Q2FY23 operating performance was weak," it said in a client note.

    "FY24E is likely to see a sharper recovery thanks to the commissioning of Vizag refinery, Rajasthan refinery (50% share) and the expected MRPL merger apart from some revival in marketing margin. However, we remain cautious due to the sharp increase in leverage and decline in return ratios over FY22-FY24e," added ICICI Securities. The stock has lost over 4% in the last five days and is down 31.4% since 2022 in a painful year for oil marketing firms as the spike in crude prices eroded refining margins.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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