Broker Radar for November 8

Check out the stock commentaries and recommendations from brokerage houses.

Nov 08, 2019 03:11 IST India Infoline News Service

Macquarie maintained ‘Neutral’ on BPCL with a TP of Rs500
  • EBITDA, ex-inventory and forex, missed estimates.
  • Marketing performance was strong, supported by strong marketing margins.
  • Refining performance was weak in the second quarter on lower core margins.
Morgan Stanley maintained ‘Overweight’ on IGL with a TP of Rs414
  • Earnings beat again as India’s energy transition chugs along.
  • Earnings beat and gas demand highlight the steady move away from oil.
  • As the gas gets cheaper and pollution challenges become more acute, car manufacturers push more CNG sales.
Jefferies maintained ‘Hold’ on HPCL; cut TP to Rs320 from Rs335.
  • Core EBITDA was weak on soft refining.
  • Debt rose to five-year highs on higher capex and working capital.
  • Earnings may recover on soft oil prices, benign auto fuel margins and IMO uplift.
JP Morgan maintained ‘Overweight’ on UPL with a TP of Rs700
  • Ebitda below expectations due to adverse revenue mix.
  • Revenue growth supported by volume as price declines.
  • All eyes on the second half for margin improvement and debt reduction.
Source: Media reports

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