Buy Hindustan Petroleum Corporation, target price Rs 293: Nuvama Wealth brokerage

economictimes.indiatimes.com:

Hindustan Petroleum Corporation with a target price of Rs 293. The current market price of Hindustan Petroleum Corporation is Rs 272.7.

Nuvama Wealth brokerage recommended to keep stop loss at Rs 263.75. Hindustan Petroleum Corporation, incorporated in the year 1952, is a Large Cap company (having a market cap of Rs 38811.48 Crore) operating in Gas & Petroleum sector.

Hindustan Petroleum Corporation key Products/Revenue Segments include Refinery, Rent and Other Operating Revenue for the year ending 31-Mar-2022.Financials For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 108634.71 Crore, down -1.21 % from last quarter Total Income of Rs 109962.38 Crore and up 9.93 % from last year same quarter Total Income of Rs 98818.10 Crore. Company has reported net profit after tax of Rs 2828.50 Crore in latest quarter.Investment RationaleRecently, stock has managed to give a follow through move to this breakout reinforcing bullish momentum.Promoter/FII Holdings Promoters held 54.9 per cent stake in the company as of 31-Mar-2023, while FIIs owned 14.36 per cent, DIIs 21.4 per cent.