NSE:HINDPETRO

Nomura Downgrades Hindustan Petroleum to Neutral From Buy, Adjusts Price Target to INR440 From INR550

Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) has an average rating of hold and mean price target of 413.71 Indian rupees, according to analysts polled by FactSet.

Indian Equities Rebound on Wednesday as Duty Hike on Gold, Silver Lifts Sentiment

Indian benchmark indices ended slightly higher on Wednesday, snapping a four-day losing streak, as measures to support the rupee and selective buying helped lift sentiment.The BSE Sensex rose 49.74 points, or 0.1%, to close at 74,608.98, while the NSE Nifty 50 gained 33.05 points, or 0.1%, to settle at 23,412.60.Sentiment improved after India raised import duties on gold and silver to curb demand for the precious metals and ease pressure on foreign exchange reserves.However, gains remained limited as investors continued to monitor rising tensions in the Middle East and the possibility of prolonged disruption around the Strait of Hormuz, which could tighten global oil supplies.Among stocks, Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104) surged nearly 6% after reporting a sharp rise in Q4 profit to 60.7 billion rupees from 34.2 billion rupees a year earlier. Revenue from operations also increased to 1.232 trillion rupees from 1.179 trillion rupees.Ceigall India (NSE:CEIGALL, BOM:544223) slipped nearly 1% after securing a 1.25 billion rupee order from Punjab State Power Corporation for a battery energy storage system project, according to a filing.

Hindustan Petroleum's Consolidated Net Profit Rises in Fiscal Q4; Shares Jump 5%

Hindustan Petroleum Corporation's (NSE:HINDPETRO, BOM:500104) consolidated net profit rose to 60.7 billion Indian rupees in the quarter ended March 31 from 34.2 billion rupees a year ago.Earnings per share came in at 28.50 rupees from 16.06 rupees a year earlier, the oil marketing company said in a filing to the Indian stock exchanges on Wednesday.Income from the sale of products in fiscal Q4 also increased to 1.232 trillion rupees from 1.179 trillion rupees a year ago.The company's board declared a final equity dividend of 19.25 rupees per equity share having a face value of 10 rupees each for the financial year ended March 31.The company's shares were up nearly 5% in recent trade.

Emkay Global Downgrades Hindustan Petroleum to Add from Buy; Price Target is INR410