Bharat Petroleum’s share price continued gaining for the third straight session after the company posted its earnings for the quarter ended March.
What Happened: The company’s standalone revenue from operations stood at ₹1.33 lakh crore up 8.13% from the ₹1.23 lakh crore revenue it reported in the same quarter last year.
The company’s net profits for the quarter stood at ₹6,477.74 crore more than double the ₹2,501.8 crore profits it booked in the corresponding quarter last year. The state-controlled company also announced a ₹4/share dividend for the year ended March. Earnings per share for the quarter stood at ₹30.42.
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The result however received mixed reactions from analysts. Jefferies maintained its ‘buy’ rating for the stock with a price target of ₹445. Investec, on the other hand, maintained its ‘hold’ rating for the stock but raised the price target to ₹375 from ₹320. Morgan Stanley also maintained the ‘hold’ rating with a target price of ₹390.
Price Action: BPCL share price was up 1.95% to trade at ₹368.65 in the early hours of trading on Tuesday.
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