News

HPCL shares get an upgrade from JPMorgan; price targets raised for BPCL and IOC as wellIf things stay as they are, brokerage firm JPMorgan expects IOCL, BPCL, and HPCL to beat FY26 EBITDA forecasts by 50–80% in the first half alone.By Meghna Sen   May 14, 2025, 11:46:40 AM IST (Updated)1 Min ReadShares of state-run Oil Marketing Companies (OMCs) — Hindustan Petroleum Corporation Ltd. (HPCL), Bharat Petroleum Corporation Ltd. (BPCL), and Indian Oil Corporation Ltd. (IOC) — were trading with gains of as much as 2% on Wednesday, May 14.

Global brokerage firm JPMorgan has upgraded shares of HPCL to 'Overweight' from its earlier rating of 'Neutral'. The brokerage has also raised its price target to ₹463 from ₹424 earlier.

JPMorgan has an 'Overweight' recommendation on BPCL. The brokerage has raised its price target to ₹481 from ₹417 earlier.

Similarly, for IOC, the foreign brokerage has an 'Overweight' rating, and has upped its price target to ₹199 from ₹182 earlier.

How good is $60/bbl oil for OCMs?

If things stay as they are, JPMorgan expects IOCL, BPCL, and HPCL to beat FY26 EBITDA forecasts by 50–80% in the first half alone.

The companies will have to book large inventory losses in the first quarter, but margins are so strong now that EBITDA will likely still be up sequentially for HPCL and BPCL, the brokerage wrote in its note.

IOC shares are trading 0.90% higher at ₹142.97, those of BPCL are trading 1.09% higher at ₹310.25, while those of HPCL are trading 1.41% higher at ₹394.40.Continue ReadingNote To ReadersDisclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.First Published: May 14, 2025 11:44 AM ISTCheck out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!Tags