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This is an archive article published on June 27, 2011

BofA ups HPCL,BPCL,IOC target price

Bank of America Merrill Lynch raised its target price on PSU oil cos after govt raised diesel prices.

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Bank of America Merrill Lynch raised its target price on state-run oil marketing companies Indian Oil ,Hindustan Petroleum and Bharat Petroleum after government raised diesel prices about 9 per cent on Friday.

Diesel will now cost just over Rs 41 per litre in the capital after the government panel raised prices by a record Rs 3.4 (7.6 U.S. cents) per litre including local taxes. It also raised kerosene and cooking gas prices.

BofA raised its target price on HPCL to Rs 500 from Rs 441 and on Oil India to Rs 1,756 from 1,583,while keeping its “buy” rating on both stocks. BPCL’s target price was raised to Rs 739 from Rs 650 and BofA kept a “neutral” rating on the stock.

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