Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy call on Hindustan Petroleum Corporation (HPCL) with a short term target that lies between Rs 370-401.

In latest research report, the firm said that HPCL is clearly a buy, so investors can accumulate the stock on dips.

In addition, the firm has suggested a support level for the scrip at Rs 330.

Today, the shares of the company opened at Rs 325, down Rs 3.05 as against its previous closure of Rs 328.50 on BSE. Current EPS & P/E ratio stood at 13.68 and 23.03 respectively. The share price has seen a 52-week high of Rs 397.55 and a low of Rs 164.10 on BSE.

Hindustan Petroleum Corporation (HPCL), on June 02, has declared that the company's standalone net profit grew 13.37 times in India for the three month period ended March 2009.

During the quarter, the company's profit stood at Rs 51,040.40 million as against Rs 3,845.10 million in the same quarter last year.

Net sales of the company fell 19.41% to Rs 253,637 million, where total income during the same period declined 19.53% to Rs 255,804.60 million.

The company has posted earnings of Rs 150.73 per share during the period, posting 13.29 times growth over earlier year period.

During the quarter, the company's operating margin increased to 22.26% as against 0.12% in the previous year period.

Interest cost surged 25.59% to Rs 3,779.20 million whereas depreciation cost climbed up to Rs 2,544.70 million as compared to Rs 2,532.10 million over previous year period.

Moreover, the company's board declared a final dividend of Rs 5.25 per share.