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Brokerage downgrades OMC stocks as Brent above $90/bbl plays spoilsport; maintains ‘buy’ on BPCL, HPCL
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Bharat Petroleum Corporation Ltd (BPLC) and Hindustan Petroleum Corp Ltd (HPCL) saw a downgrade in their current target prices, a day after international crude oil prices sharply rose above $90 per barrel. Domestic brokerage firm JM Financials has reduced the target prices for HPCL and BPCL as OMCs may pass on the rise in oil prices to customers in the next 2-3 months on high crude oil prices.
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