Nomura picks BPCL as top OMC stock on attractive valuation; sees 21% upside

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Nomura picks BPCL as top OMC stock on attractive valuation; sees 21% upside - Business Standard

Quick Summary:

Analysts said BPCL reported a robust performance in the June quarter (Q1FY25) despite a challenging environment.

However, domestic sales volumes remained stable at 13.2 million tonnes quarter-on-quarter, while export sales volumes increased 17 per cent to 0.3 million tons from a lower base.

Management highlighted that BPCL is aiming to expand its Bina refinery capacity from 7.8 million tonnes to 12 million tonnes by FY29, with a total investment of Rs 490 billion.