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Shares of Bharat Petroleum Corp Ltd fell as much as 4.2 per cent to Rs 265.75, lowest in a week, as the company’s Q2 profit missed estimates. The stock was the top percentage loser on NSE index.
The company’s September-quarter profit nearly halved to Rs 1,219 crore ($165.66 million), well below analysts' expectations, due to higher expenses on account of forex losses. Average gross refining margin fell to $5.57 per barrel from $7.97 per barrel a year earlier, the company had said on Monday.
Citi analysts say Q3 refining performance will be key to watch out for given the likely lack of inventory gains and as Singapore GRMs are also under pressure. It has maintained a price target of Rs 260, and 'sell' rating.
According to Motilal Oswal analysts, key risk for the company “would be sharing of subsidy burden on LPG/kerosene and inability to pass on the increased cost in auto fuels”. More than 2.6 million shares traded as of 0411 GMT, 0.3 times their 10-day average of 10 million shares.
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