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HPCL Share Price: On Wednesday, the third trading day of the week, shares of oil company – Hindustan Petroleum Corporation Limited HPCL rose 8%. Due to this increase, the share rose to Rs. 300 was crossed. This is the 9th consecutive trading day when the company’s shares have risen. Shares have gained more than 24% during this period. Amid this surge, experts are bullish on the stock.
Which expert said what
Rajesh Bhosle of brokerage firm Angel One Equity Technical said – Oil companies are in the news and have made a lot of progress in the last few sessions. HPCL shares in particular have seen a spectacular rise. We hope that in the near future this increase will be Rs. Will continue till 320.
At the same time, according to an analysis by Nuwama Institutional Equities, HPCL reported EBITDA of ₹8300 crore in the second quarter, which was 45% higher than estimates. Higher domestic sales offset lower retail margins. We maintain our Hold rating with a target price of ₹310. According to Motilal Oswal, HPCL beat the brokerage’s EBITDA estimate due to higher than expected marketing margin of ₹5.9/litre. We maintain our neutral rating on the stock with a target price of ₹315.
This is also the reason for the rise: Let us tell you that the price of crude oil has been decreasing for some time now. This also boosted shares of oil companies. Oil prices fell more than 4% on Tuesday to their lowest level since late July. Brent crude prices closed below $84 a barrel for the first time since the October 7 attack on Israel by Hamas Islamists. The global benchmark closed down $3.57, or 4.2%, at $81.61 a barrel on Tuesday.