Synopsis HDFC Securities has maintained a 'add' rating with a target price of Rs 230. Related Sebi tweaks in takeover norms to help promoters raise holding GDR manipulation case: Sebi slaps over Rs 61 crore fine on Hiran Orgochem, senior official, 2 others Ahead of Market: 12 things that will decide stock action on Thursday Mumbai: Inventory losses in the March quarter prompted analysts to maintain their cautious outlook on HPCL despite the stock trading at a significant discount to its historical valuations . The company on Tuesday posted a 99 per cent drop in its net profit at Rs 27 crore for the March quarter compared to a net profit of Rs 2,970 crore in the corresponding period a year ago. Fall in refining margins and huge inventory losses due to crash in international oil prices dragged the state-owned oil marketing company's bottomline. Shares of HPCL, which declined nearly 20 per cent in the past six months, ended 2 per cent higher at Rs 214 on the BSE on Wednesday. Trimming its target price from Rs 240 to Rs 231, domestic brokerage JM Financial said they would maintain a 'hold' rating on HPCL on account of the challenging gross… Read full this story
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