Bharat Petroleum Corporation (BPCL) announced its quarterly results on Thursday which missed the earnings target. However, despite that the company’s shares increased by 4% on Friday.
About share hike
The reason behind these positive sentiments is CIti who kept its Bullish recommendation for the stock.
Citi’s recommendation
BPCL’s net profit for Q4 FY2024 was down by 30%, reaching Rs 4,789.57 cr. Even its pre-tax profit was 20% lower than the expected results.
Financials
BPCL reported a 39% decline in its net income as the company endured an Rs. 1800 investment impairment.
Net income
Despite this, Citi has kept BPCL in the ‘buy’ recommendation with a target of Rs. 760. With this, the company’s shares were trading 4% higher on Friday with a high of Rs. 621.95 compared to the previous closing of Rs. 592.15.