JEFFERIES ON BPCL ; BUY | TP ₹380 (EARLIER ₹410)

• Q2 earnings beat driven by strong refining performance. • Performance improved for the second consecutive quarter. • Indian crude basket at $120/barrel is putting severe pressure on marketing margins, which are currently deeply negative. • Stock down 28% since the start of the conflict. • BPCL trades at a discount to HPCL despite having higher ROE. • Jefferies sees favourable valuations despite near-term marketing margin pressures.

BHARAT PETROLEUM CORP LT

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