PSU BPCL Stock: If you are thinking of investing in government company stocks, then this is good news for you. You can focus on shares of state-run fuel refiner Bharat Petroleum Corporation (BPCL Share). Shares of BPCL rose 4.6 percent to Rs 682.50 on the BSE on Friday. Meanwhile, Jefferies has expressed the possibility that these shares may have a big boom.
What did the company say?
Jefferies has given a 'Buy' rating on the company's stock with a target price of Rs 890. This target price is almost 36 percent higher than the current share price in the market.
December quarter results
In the third quarter (October-December) of the current financial year 2023-24, the consolidated net profit of public sector company BPCL has increased by 82 per cent to Rs 3,181.42 crore. Better-than-expected refining margins and higher margins on fuel sales boosted the company's profitability. The company's net profit was Rs 1,747.01 crore in the same quarter of last financial year 2022-23. Meanwhile, the company's profit was down from Rs 8,243.55 crore in the previous quarter (July-September, 2023).