HPCL Short Term Buy Call

HPCL Short Term Buy CallTechnical analyst Husseini Wadharia of Techno Shares is bullish on Hindustan Petroleum Corporation Limited (HPCL) and has maintained 'buy' rating on the stock with a target of Rs 347.

According to Wadharia, the stock can be purchased with a stop loss of Rs 330.

Today, the stock of the company opened at Rs 330 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 55.45 and a low of Rs 298 on BSE.

Current EPS & P/E ratio stood at 34.60 and 9.68 respectively.

HPCL is poised to amalgamate Prize Petroleum Co Ltd (PPCL) with itself after efforts to persuade buyers for a 50% equity stake in its oil exploration company didn't yield positive reaction.

HPCL, which possesses 50% equity in PPCL, stated that its board would take a concluding verdict on March 25.

Out of the remaining equity stake, ICICI Bank possesses 35%, ICICI Ventures 10% and HDFC Bank 5%.

Hindustan Petroleum Corporation (HPCL) stated that it has registered a growth of 6.72 times y-o-y net profit for the three month period ended December 2010 to Rs 2.11 billion.

During the Oct-Dec period, the company's total income surged 21.71% y-o-y to Rs 342.01 billion.

The company's EPS for the said period stood at Rs 6.23.