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<ul><li>Standing firm on its decision, the Indian government has announced that its plans to ‘<keyword id="9302395" type="UNKNOWN" weightage="20" keywordseo="divest-bpcl">divest BPCL</keyword> is very much on’.</li><li>One of the reasons behind the government’s decision to go ahead with <keyword id="8358736" type="UNKNOWN" weightage="20" keywordseo="bpcl-divestment">BPCL divestment</keyword> could be the loss of revenue and the massive stimulus package further bleeding its reserves.</li><li>The company sells a fifth of all petroleum products sold in the country. </li></ul>The shares of state-owned fuel refiner <keyword id="156368" type="DOMAIN" weightage="20" keywordseo="Bharat-Petroleum-Corporation">Bharat Petroleum Corporation</keyword> (BPCL) were trading at over ₹500 a piece when the government announced that <a href="https://www.businessinsider.in/business/news/bpcl-divestment-opens-up-to-mixed-reactions-but-the-companys-shares-takes-a-hit/articleshow/72155044.cms">it will sell a little over half the company</a>. Analysts at Prabhudas Lilladher expected the government to make over ₹83,000 crore from the sale. Today, <keyword id="8228313" type="UNKNOWN" weightage="20" keywordseo="bpcl-shares">BPCL shares</keyword> are available at ₹329, they have lost 35% of their value in the last three months. However, that hasn’t stopped the government from going ahead with its plan to sell stake in the company this year because, cash crunch! <div type="Article" hostid="261" msid="76054599" title="Indian lenders like SBI, Axis Bank and others need $20 billion⁠ in capital— most of it will go into filling up NPA holes" mstype="2" mssubtype="0"></div> The government needs money to stimulate the economy and tax collections are likely to be down. Selling assets may be necessary. And that is why, the deadline for submitting bids has been extended to July 31. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/2597879" data-url="https://flo.uri.sh/visualisation/2597879/embed"></div>]]></cdata></div> When the price is right.. However, Pradhan noted that the divestment in BPCL will be done at an appropriate time. “We believe BPCL now presents deep value as the value of its investments and non-core assets accounts for nearly its entire value,” stated a report by Edelweiss research dated May 11, 2020. The company sells a fifth of all petroleum products sold in the country. The value of the core refining business makes BPCL even more valuable but the market is not willing to pay the price. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Upside (from May 27) </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 525 </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">68% </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 390 </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr></tbody></table> “Due to Covid-19, BPCL’s ongoing divestment is likely to be delayed to 2HFY21F or even FY22F. Also, given increased concerns on marketing, weak demand/margin, and likely reduced interest from NOCs (national oil companies) in the current scenario, we believe the likely valuations will be lower,” stated a Nomura report dated May 21, 2020. India needs money to revive the economy With economic growth expected to plummet in the months to come, the government is also bracing for a steep fall in tax the goods and services tax (GST) collections. According to the SBI Ecowrap report, the government will have a loss of INR 10.4 lakh crore in FY21. “When India had first imposed a lockdown, our GDP estimate was 2.6% and since then it has been progressively reduced to a negative 4.7%, with nominal GDP witnessing a contraction,” the report said. In addition to this, the ₹20 lakh crore stimulus package is also likely to hurt the government's coffers - some of which it has tried to make up for by hiking excise duty on petrol and diesel by up to ₹13 per litre. <a href="https://www.businessinsider.in/business/news/crude-oil-prices-didnt-fall-below-zero-futures-did-and-heres-what-it-means/articleshow/75264639.cms">Low crude oil prices</a> have helped the government shore up some money via high taxes to fund the COVID-19 relief measures. <div type="Article" hostid="261" msid="75571747" title="For every ₹100 spent on petrol and diesel in India, ₹70 goes towards taxes" mstype="2" mssubtype="0"></div> India’s fiscal deficit⁠— the difference between what the government earns and spends⁠— is estimated to be 5.5%, <a href="https://economictimes.indiatimes.com/news/economy/indicators/moodys-investors-service-sees-indias-economic-growth-at-zero-in-fy21/articleshow/75619459.cms">according to Moody’s</a>. The difference will have to come from either borrowing or sale of assets like the shares of BPCL. Government wants more private players in strategic sectors “Let me categorically assure investors and stakeholders, recently the Finance minister on her package announcement has categorically come out with a new policy approach on PSUs. For BPCL we have taken a decision prior to COVID-19 situation and we are very firm on our decision,” said Dharmendra Pradhan, Minister for Petroleum and Natural Gas in an interview with <a href="https://www.cnbctv18.com/energy/govt-wont-change-bpcl-divestment-strategy-says-dharmendra-pradhan-5999261.htm">CNBC-TV18</a>. This should come as no surprise, especially after Finance Minister Nirmala Sitharaman <a href="https://timesofindia.indiatimes.com/business/india-business/govt-signals-retreat-of-psus-even-across-strategic-sectors/articleshow/75795778.cms">said</a> that the government will go ahead with its divestment plans, and even in strategic sectors, public sector undertakings will be limited to a maximum of 4 companies, while the rest will be opened up to the private sector. Oil marketing is a sector that is currently a state monopoly, controlled by three government companies. SEE ALSO: <a href="https://www.businessinsider.in/business/news/govt-to-gain-rs-1-6-lakh-cr-this-fiscal-from-record-excise-duty-hike-on-petrol-diesel/articleshow/75567986.cms">India to gain ₹1.6 lakh crore this fiscal from record excise duty hike on petrol, diesel</a> <a href="https://www.businessinsider.in/business/corporates/news/crude-oil-price-crash-might-batter-these-significant-deals-that-could-drive-the-indian-economy/articleshow/75272856.cms">Crude oil crash might affect RIL-Aramco deal, BPCL divestment and much more</a> <a href="https://www.businessinsider.in/business/news/bpcl-divestment-opens-up-to-mixed-reactions-but-the-companys-shares-takes-a-hit/articleshow/72155044.cms">BPCL divestment opens up to mixed reactions, but the company’s shares takes a hit</a> <a href="https://www.businessinsider.in/india/news/how-much-tax-consumer-is-paying-on-petrol-and-diesel-in-india/articleshow/75571747.cms">For every ₹100 spent on petrol and diesel in India, ₹70 goes towards taxes</a>

India may have to sell BPCL shares for less than the best price⁠ as the government needs money

New Delhi, Mar 7 () The government invited bids on Saturday for the sale of its entire 52.98 per cent stake in the Bharat Petroleum Corporation Limited (BPCL).Expressions of interest for the strategic sale of BPCL were invited by May 2, the Department of Investment and Public Asset Management (DIPAM) said in the bid document."The Government of India is proposing strategic disinvestment of its entire shareholding in BPCL comprising 114.91 crore equity shares, which constitutes 52.98 per cent of BPCL's equity share capital, along with transfer of management control, to a strategic buyer (except BPCL's equity shareholding of 61.65 per cent in Numaligarh Refinery Limited)," it said.The government has appointed Deloitte Touche Tohmatsu India LLP as its transaction advisor to advise on and manage the strategic disinvestment process. ANZ RC

Govt invites bids for sale of BPCL

New Delhi, Feb 2 () The government will come out with the expression of Interest (EoI) inviting bidders for privatisation of BPCL within few days, a senior official said on Sunday.
The Cabinet in November had cleared strategic sale of oil marketing and refining firm Bharat Petroleum Corp Ltd (BPCL). The government currently holds 53.29 per cent stake in the company, and at prevailing market prices the share sale would fetch about Rs 60,000 crore to the government.
The Investor roadshows for BPCL sale was conducted in December in the US, London and Dubai.
"We have got quite a good response (BPCL roadshow). We will come out with EoI very soon and then investors can engage with us through the formal process. The BPCL EoI will be issued within few days," DIPAM Secretary Tuhin Kanta Pandey said.
The proceeds from BPCL stake sale will accrue to the government in the next fiscal beginning April 1.
The Department of Investment and Public Asset Management (DIPAM) has been set a huge target of Rs 1.20 lakh crore to be mopped up through CPSE stake sale in next fiscal. Another Rs 90,000 crore is to come from sale of government equity in banks and financial institutions.
In the current fiscal, the government has missed its budgeted disinvestment target of Rs 1.05 lakh crore by a huge margin. The revised estimates (RE) has pegged the disinvestment target at Rs 65,000 crore.
Of this, the government has mopped up Rs 35,000 crore from disinvestment, including from two tranches of CPSE ETF, so far.
"We have Rs 35,000 crore. Rest of it we will do strategic disinvestment, then we have OFS, IPO, buy back. All put together we will have RE target through," Pandey said.
He said the government plans to come out with initial public offer of IRFC and complete strategic sale of THDCIL and NEEPCO in the current fiscal. 
BPCL operates four refineries at Mumbai, Kochi, Bina in Madhya Pradesh and Numaligarh in Assam with a combined capacity to convert 38.3 million tonnes of crude oil into fuel.
It has 15,078 petrol pumps and 6,004 LPG distributors across the country. JD BAL
BAL

Govt to issue BPCL EoI in next few days

New Delhi, Jan 16 () Indian Oil Corp (IOC), the country's biggest oil firm, will decide on bidding to buy Bharat Petroleum Corporation Ltd (BPCL) after the government lists out rules for the stake sale, its Chairman Sanjiv Singh said Thursday.
 The Cabinet Committee on Economic Affairs had on November 21, 2019 decided to sell government's entire 53.29 per cent stake in country's second-largest state refiner BPCL, but a tender for sale hasn't yet been issued.
 "The expression of interest (EoI) (for BPCL stake sale) hasn't been issued yet. We don't know the conditions. We have no information whether PSUs are allowed to bid or not," Singh told reporters here. "I cannot comment if IOC will bid or not unless we see the conditions set out in the EoI."
 He said a decision on the issue can only be taken once there is clarity on the bidding process the government intends to follow.
 Soon after the Cabinet decision, Oil Minister Dharmendra Pradhan had hinted that PSUs will be kept out of BPCL privatisation.
 "Since 2014, we have a clear vision that the government has no business to be in business," Pradhan had said on November 22, 2019. "We have examples of 2-3 sectors such as telecom and aviation where ushering in private participation has led to customers benefiting from price cuts, efficiency, and better service."
 Asked if the company has been told that PSUs will be kept out, Singh said there is no information on whether state-owned firms can bid or not.
 BPCL will give the buyer ready access to 14 per cent of India's oil refining capacity and about one-fourth of the fuel marketing infrastructure in the world's fastest-growing energy market.
 It, however, will be sold after carving out Numaligarh Refinery from its portfolio and given to a pubic sector unit. Numaligarh Refinery Ltd is also to be sold out to a PSU, possibly through a bidding process.
 Singh said he cannot comment if the company will bid for the Numaligarh Refinery unless tender conditions are revealed.
 "We don't know if Numaligarh Refinery will be sold with marketing infrastructure or without its marketing infrastructure. We have to wait for details before IOC can take any decision," he said.
 Numaligarh refinery was set up as per the Assam Peace Accord and the government has decided to keep it in the public sector.
 At the current trading price of BPCL, the government's 53.29 per cent stake is valued at around Rs 53,400 crore. On top of this, the acquirer will have to make an open offer to buy an additional 26 per cent stake from minority shareholders for about Rs 26,000 crore.
 The price of BPCL has been hammered since the November 21 CCEA decision. On that day, the government stood to gain Rs 62,000 crore from privatisation but will now get about Rs 8,000 crore less.
 The stake sales are critical for the government to meet its disinvestment target of Rs 1.05 lakh crore set for the current financial year.
 The government had allowed PSUs to bid when it sold petro retailer IBP Co Ltd in 2002. IOC had bagged the government's 33 per cent stake in IBP for Rs 1,153.68 crore or Rs 1,551 a share. 
 The other bidders for IBP were Reliance Industries, Royal Dutch Shell, Kuwait Petroleum Corporation, BPCL, and Hindustan Petroleum Corporation. The reserve price for IBP was Rs 337 crore.
 Last year, the government sold its entire stake in Hindustan Petroleum Corp Ltd (HPCL) to state-owned Oil and Natural Gas Corp (ONGC) for Rs 36,915 crore.
 BPCL operates four refineries in Mumbai, Kochi (Kerala), Bina (Madhya Pradesh) and Numaligarh (Assam) with a combined capacity of 38.3 million tonnes per annum, which is 15 per cent of India's total refining capacity of 249.4 million tonnes. 
 After removing 3 million tonnes capacity of Numaligarh refinery, the new buyer will get 35.3 million tonnes of refining capacity.
 It also owns 15,177 petrol pumps and 6,011 LPG distributor agencies in the country. Besides, it has 51 LPG (liquefied petroleum gas) bottling plants. The company distributes 21 per cent of petroleum products consumed in the country by volume as of March this year and has more than a fifth of the 250 aviation fuel stations in the country.
 The government is keen to get international energy majors such as Saudi Aramco, Total SA of France and ExxonMobil to operate in the downstream fuel marketing business so as to bring in greater competition.
 Currently, 95 per cent of retail petrol and diesel sales and near 100 per cent of cooking gas (LPG) and kerosene sales are controlled by the public sector units.
 As on March 31, BPCL reported cash and cash equivalents of around Rs 5,300 crore against Rs 10,900 crore of debt maturing over the next 15 months. ANZ RVK

IOC to decide on bidding for BPCL after govt lays out rules: Chairman

New Delhi, Jul 3 () The government will focus on strategic stake sales to meet the Rs 1.20 lakh crore CPSE disinvestment target in the current fiscal, DIPAM Secretary Tuhin Kanta Pandey said on Friday. The government has already invited bids for strategic sale of national carrier Air India and oil major BPCL. However, their bid deadlines have been extended amid the COVID-19 pandemic. For BPCL, in which the government is selling 52.98 per cent stake, the deadline has been extended till July 31. For 100 per cent stake sale in Air India, the deadline for bid submission is now August 31. Speaking at a webinar on Bharat Bond ETF, Pandey said the Department of Investment and Public Asset Management (DIPAM) has minority stake sales of CPSEs on its table but the emphasis is on strategic disinvestment. "Many of our strategic transactions are going on and moving forward. There was little bit of disruption due to COVID and extensions given in terms of EoI (Expression of Interest) but the government has clarified that we are very much on the same track of aggressively pursuing strategic disinvestment. More focus on that. "Of course, there will be OFS (offer for sale), buybacks...(but) it will be more focused on strategic disinvestment," he said. For the 2020-21 fiscal, the government has set a disinvestment target of Rs 2.10 lakh crore. Of this, Rs 1.20 lakh crore will come from disinvestment of public sector undertakings and another Rs 90,000 crore from stake sales in financial institutions, including life insurance behemoth LIC. The strategic sales being pursued right now include Air India, BEML, Scooters India, Bharat Pumps Compressors, and some units of steel major SAIL, among others. The government had in May announced that a maximum of four public sector companies will be present in strategic sectors, while state-owned firms in other segments will be privatised. This is part of a new coherent Public Sector Enterprises Policy to be formulated to push reforms in Central Public Sector Enterprises (CPSEs). Under the policy, a list of strategic sectors will be notified where there will be at least one, and a maximum of four, public sector enterprises, apart from private sector companies. In other sectors, CPSEs will be privatised depending upon the feasibility. JD AA ABM ABM

Govt to focus on strategic stake sales to meet disinvestment target: DIPAM Secretary

(Eds: Adding more info) New Delhi, Mar 27 () The government has raised Rs 13,883 crore through strategic sale of its stake in two state-owned power companies, THDCIL and NEEPCO, and Kamrajar Port Ltd. The government has sold 74.49 per cent stake in THDC India Ltd (THDCIL) for Rs 7,500 crore and 100 per cent in NEEPCO for Rs 4,000 crore to state-owned power utility NTPC. It also sold 66.67 per cent in Kamrajar Port Ltd to Chennai Port Trust for Rs 2,383 crore. With these 3 strategic stake sales, the government has netted Rs 13,883 crore to its disinvestment kitty. The total disinvestment mop-up for the current financial year stands at over Rs 48,883 crore, which is still lower than the Revised Estimates of Rs 65,000 crore. In Budget 2020-21, the government substantially lowered projections of disinvestment receipts for the current financial year ending March 2020 to Rs 65,000 crore, from the Rs 1.05 lakh crore estimated earlier. "DIPAM completed two more strategic disinvestment transactions. GOI's 74.49 per cent stake in THDC at a consideration of Rs 7500 cr and 100 per cent stake in NEEPCO at Rs 4000 cr has been disinvested in favour of NTPC," Secretary DIPAM said in a tweet on Friday. "DIPAM completed strategic disinvestment of GOI stake of 66.67 per cent in Kamrajar Port Ltd in favour of Chennai Port Trust at a consideration of Rs 2383 cr," it said in another tweet. The Department of Investment and Public Asset Management (DIPAM) manages government share sale programme in CPSE. A total of 74.5 per cent stake in THDC India is held by the Government of India, the remaining 25.5 per cent stake is held by the Uttar Pradesh government. The Cabinet Committee on Economic Affairs had in November 2019 given its in-principle approval for the sale of its stake in North Eastern Electric Power Corp (NEEPCO) and THDCIL along with transfer of management control to NTPC. Following this, the board of NTPC approved the said acquisition in January and competition watchdog CCI also cleared it in February. Shares of NTPC on Friday closed at Rs 83.05, up 3.17 per cent on the BSE. The government in the next financial year has set disinvestment target at Rs 2.10 lakh crore, including Rs 1.20 lakh crore from stake sale in central public sector enterprises (CPSEs). The process for big-ticket strategic sale of Air India and BPCL has already set in motion and the sale is likely to be concluded in the next financial year beginning April. In March last year, state-owned PFC had acquired the government's 52.63 per cent stake in REC for Rs 14,500 crore. In 2018, state-owned ONGC has acquired the government's entire 51.11 per cent stake in oil refiner HPCL for Rs 36,915 crore. JD HRS

Govt raises Rs 13,883 cr from strategic sale of THDCIL, NEEPCO, Kamrajar Port

<ul><li>The Indian government is selling one of its profitable oil companies – <keyword id="75662" type="CITY" weightage="20" keywordseo="Bharat-Petroleum">Bharat Petroleum</keyword> Corporation Limited. </li><li>The government will sell 53.29% stake in <keyword id="44555" type="CITY" weightage="20" keywordseo="BPCL">BPCL</keyword> to a strategic buyer, also giving up management control in the oil giant.</li><li>The Numaligarh Refinery in Assam will be carved out of the divestment, said Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>. </li></ul>The Indian government announced the divestment of five public sector undertakings (<keyword id="44880" type="CITY" weightage="20" keywordseo="PSUs">PSUs</keyword>), including that of Bharat Petroleum Corporation Limited. The others in line to be divested out of government control are Shipping Corporation of India, Container Corporation of India (CONCOR), THDC India and North Eastern Electric Power Corporation Limited (NEEPCO) The government will be selling its 53.29% stake in BPCL to a strategic buyer, also giving up management control of the oil retailer. However, the Numaligarh Refinery in Assam which is a part of BPCL, will be carved out of the divestment, said Finance Minister Nirmala Sitharaman. Mixed reaction from the public The government’s decision to sell one of the few profitable PSUs has seen mixed reactions from the public. BPCL had reported profits of ₹7,132 crore along with total sales worth ₹3.37 trillion in the last financial year. “This govt is now selling off the country's most profitable companies as well. This is a loot,” said Congress leader KC Venugopal today. The shares of BPCL too fell on Thursday morning to ₹532. However, BPCL also makes for an attractive sale unlike Air India which is still awaiting investor interest. A good sale will help Indian government meet its ambitious disinvestment target of ₹1.05 lakh crore for the current fiscal year. “It would also increase the free float available in the market which may have positive impact on Foreign Portfolio Investments in Indian capital markets and in the creation of wider investment space for retail and institutional investors and may increase in the market premium of CPSEs due to likely positive investors perception,” said the government’s press release. Started as the Rangoon Oil and Exploration company during the British rule, BPCL changed many hands and was finally purchased by the government at market price in 1976. Today, the BPCL has a capacity of 37 million tonnes per annum. It also has over 15,000 retail outlets in India.

BPCL divestment opens up to mixed reactions, but the company’s shares takes a hit

Listing of <keyword id="6365973" type="COMPANY" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> (LIC) and sale of government's stake in IDBI Bank may be delayed beyond March 2021, due to depressed valuation amid COVID-19 pandemic. The government aims to garner Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank out of total the disinvestment target of Rs 2.10 lakh crore during the current fiscal. Finance Minister Nirmala Sitharaman while presenting the Budget 2020-21 had announced stake sale in LIC through an initial public offer in the current financial year. <div type="Youtube" id="WYbWln2KsuA" title="Budget 2020: LIC to get Privatised" thumbUrl="https://i.ytimg.com/vi/WYbWln2KsuA/mqdefault.jpg"></div> Given the prevailing market situation, it seems to be difficult to do the LIC stake sale in the current fiscal as the situation is not conducive, sources said. Besides, they said, there will not be a matching appetite for the mega issue of LIC in the present market condition. Due to COVID situation, the government recently for the second time extended the deadline for bidding for privatisation of India's second-biggest oil marketing company Bharat Petroleum Corp Ltd (BPCL) by over a month to July 31. The government currently owns 100 per cent in LIC, while it holds around a 46.5 per cent stake in IDBI Bank. The sources said, the government will have to cut down its expected realisation from stake dilution of both LIC and IDBI Bank even if the market condition improves. So, selling them at low valuation would be an imprudent decision, they added. Besides valuation, the sources said, listing of LIC involves a lot of regulatory clearances and more importantly amendment to the LIC Act itself. Market participants had already termed the listing of insurance behemoth LIC as IPO of the decade akin to the Saudi Aramco listing. The 60-year-old state-owned firm, LIC is the country's largest insurer, controlling more than 70 per cent of the market share. The insurer has a market share of 76.28 per cent in number of policies and 71 per cent in first-year premiums. LIC has many subsidiaries, including IDBI Bank. Turning the corner, IDBI Bank on Saturday posted a profit of Rs 135 crore for the March quarter on account of recoveries from bad loans. The lender reported a profit after 13 straight quarters of net losses. The bank had posted a net loss of Rs 4,918 crore in the corresponding period of last year. In January 2019, LIC completed acquisition of 51 per cent controlling stake in the lender. The state-owned life insurer infused Rs 21,624 crore into the bank. The bank, which is under the Reserve Bank of India's prompt corrective action (PCA) framework, said it has achieved all PCA parameters for exit except return on asset. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/india-moves-to-unlock-value-from-insurance-behemoth-lic-whose-corpus-is-at-31-lakh-crore/articleshow/73836245.cms">The biggest IPO of the next financial year ⁠— LIC, whose corpus is at ₹31 lakh crore</a> <a href="https://www.businessinsider.in/business/news/nirmala-sitharaman-says-the-lic-ipo-will-benefit-retail-investors/articleshow/74008705.cms">Nirmala Sitharaman says the LIC IPO will benefit retail investors</a> <a href="https://www.businessinsider.in/business/news/govt-to-retain-management-control-in-lic-after-listing-sitharaman/articleshow/74459403.cms">Govt to retain management control in LIC after listing: Sitharaman</a>

India's largest-ever IPO may be shelved until next year

New Delhi, Jul 1 () India's fuel sales in June reached 88 per cent of the pre-COVID-19 levels as easing of lockdown restrictions is reviving economic activities, the government said on Wednesday. "The sales of petroleum products in India, the world's third-biggest oil consuming nation, had in April fallen to the lowest since 2007, due to the nationwide lockdown, necessitated to prevent the spread of COVID-19 pandemic," an official statement said. Demand, however, began to revive in May and in June reached 88 per cent of pre-COVID levels, it said. "India's overall petroleum products consumption, which had nosedived in last week of March and April this year, is now steadily getting to its pre-lockdown levels in June, as emanating from the PSUs' (IOC, BPCL, and HPCL) sales figures," it said. At 11.8 million tonnes of consumption, fuel demand in June was 88 per cent of 13.4 million tonnes consumption in June 2019. Petrol consumption of 2 million tonnes in June was 85 per cent of last year's levels, while diesel at 5.5 million tonnes was 82 per cent of normal levels during this month. "With the timely arrival of monsoon and pick-up in agricultural activities during Kharif season, there was marked acceleration in diesel consumption and gained 96 per cent on April volumes of 2.8 million tonnes," the statement said. Demand for LPG fuel continues to rise, with robust growth of 16.6 per cent in June over last year. ATF consumption registered 4-times volume increase from April levels. "Demand of industrial fuels such as sulphur, petcoke, and naphtha reached to levels of 89.3 per cent, 118 per cent and 120.2 per cent respectively, while marine fuels reached to a level of 138.5 per cent vis-a-vis corresponding period last year," it said. Similarly, with the restart of major road construction projects, bitumen consumption has registered a solid growth of 32 per cent in June. The crude oil throughput of state-owned refineries has already crossed 85 per cent as on date, from as low as of 55 per cent in the beginning of April. "Overall the consumption of all petroleum products has significantly increased from April level of 49 per cent (of normal) to 88 per cent level in June," the statement said. April's fuel consumption was 6.6 million tonnes as compared to 13.4 million tonnes a year back. ANZ ABM

Fuel demand gradually returning to pre-COVID levels: Govt

New Delhi, Feb 3 () Terming the Union Budget pragmatic, Niti Aayog CEO Amitabh Kant said the government is determined to take India on a high growth path.
He further said if the government will be able to achieve disinvestment target of 2020-21 then the Budget will be very successful.
"It is a pragmatic Budget. It is pushes for public private partnership (PPP) in many areas. Budget lays lot of emphasis on AI, quantum computing, roadmap for infrastructure sector. The Budget will put India on right track.
"...The government is determined to take India to accelerated high growth," he said at an event organised by industry body Ficci.
Kant, however, also added that the major challenge of the Budget will be reviving animal spirit and credit flow.
He said the finance minister laid emphasis on macro-economic stability.
"For an economy to grow at 8-9 per cent, animal spirit of the private sector is necessary. India's USD 3 trillion economy can't grow only on the back of investment by public sector," Kant stressed.
On disinvestment, Kant said the government is on tract as far as stake sale in BPCL, CONCOR and privatisation of Air India is concerned. BKS BKS BAL
BAL

Govt determined to take country on high growth path: Kant

New Delhi, Mar 12 () The government is likely to fall short of its revenue collection estimates in the current fiscal and may face challenges meeting the same in the next as the coronavirus pandemic slows down demand and economic activity. For an economy that has already slowed down to an 11-year low rate of growth, the outbreak of coronavirus has impacted sectors such as tourism and hospitality after the government placed visa restrictions. As the impact of coronavirus is widely expected to stay till June-end, officials expect mop-up from disinvestment and taxes to falter, even as oil price fall is likely to make up for the loss in revenue receipts for the current fiscal. "While lower international oil prices will lead to lower current account deficit and inflation, reduced economic activity will dampen tax mop-up," an official said. However, the decline in oil prices could have a bearing on the strategic sale plans for BPCL which has seen erosion in market capitalisation over the last month. Global oil prices declined 20 per cent to USD 35 a barrel following collapse in cooperation between Saudi Arabia and Russia to limit supplies. Further, the coronavirus scare has also derailed CPSE disinvestment plans as international roadshows have been put on hold and minority share sale plans had to be deferred due to a crash in the domestic stock market. The 30-share BSE Sensex closed 2,919.26 points or 8.18 per cent lower at 32,778.14 on Thursday, recording its biggest ever one-day plunge. The government had in the revised estimates (RE) in Budget pegged proceeds from disinvestment at Rs 65,000 crore. With the government so far raising about Rs 35,000 crore, the proceeds are likely to fall short by a huge margin of about Rs 15,000-20,000 crore in the current fiscal, officials said. The only big ticket disinvestment lined up is NTPC acquiring government's entire stake in THDC and North Eastern Electric Power Corporation Ltd (NEEPCO). The government has collected over Rs 7.52 lakh crore as direct taxes till January 31 of the current fiscal. As per revised estimates, direct tax collection target has been pegged at Rs 11.70 lakh crore for the current fiscal ending March. Officials said the government is not yet revising its 6-6.5 per cent economic growth target fixed for the 2020-21 fiscal, up from an estimated 5 per cent in the current financial year. Total number of coronavirus cases in India rose to 73 on Thursday. JD ANZ ABMABM

Coronavirus: Govt may miss tax, disinvestment mop-up targets this fiscal

New Delhi, Feb 1 () After slashing income tax rates for individuals on condition that they give up exemptions and deductions, Finance Minister Nirmala Sitharaman on Saturday said the government intends to remove all I-T exemptions in the long run.
 Speaking at a press conference after presenting her second budget in the Lok Sabha, she said income tax cuts follow reduction in corporate tax rates in September last year.
 The minister said additional capital will be provided to public sector banks as and when required.
 Her budget speech did not provide for any specific number for additional capital.
 The finance minister said improvement in revenue generation gives hopes of lowering fiscal deficit to 3.5 per cent of GDP in the next fiscal from 3.8 per cent in the current.
 Disinvestment Secretary T K Pandey said big ticket stake sale will happen in the next few months and that he was confident of achieving the Rs 2.10 lakh crore target set for the next financial year.
 He said an expression of interest (EoI) for sale of government stake in Bharat Petroleum Corp Ltd (BPCL) will be issued shortly.
 The Cabinet had approved sale of government stake in BPCL in November last year. DP ANZ MKJ

Govt intends to remove all income tax exemptions in long run: FM

(Eds: Adding analyst comments) New Delhi, May 6 () The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed total incidence of taxation on auto fuels to 70 per cent of the price.Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.Petrol price remained unchanged at Rs 71.26 a litre and diesel at Rs 69.39 as state-owned oil firms set off the excise duty hike against gains they accrued from fall in international oil rates.This is the second hike in excise duty in less than two months and will help the government garner over Rs 1.7 lakh crore in additional revenues annually at 2019-20 level of consumption, industry officials said.Considering the slump in consumption due to travel restrictions imposed by coronavirus lockdown, the gains in the remaining 11 months of the current fiscal year (April 2020 to March 2021) will be close to Rs 1.6 lakh crore, they said.Together with Rs 39,000 crore in annual revenues gained from the March 14 excise duty hike of Rs 3 per litre each on petrol and diesel, the government stands to gain as much as Rs 2 lakh crore.After the excise duty hike, taxes - both central excise and state VAT) - make up for 70 per cent of the price of petrol and diesel. A litre of petrol costs only Rs 18.28 per litre in Delhi but after including excise duty (Rs 32.98), dealer commission (Rs 3.56) and VAT (Rs 16.44) the price for consumer comes to Rs 71.26 a litre.Similarly, a litre of diesel costs only Rs 18.78 but after including excise duty (Rs 31.83), dealer commission (Rs 2.52) and VAT (Rs 16.26), it is priced at Rs 69.39 for consumers.State-owned fuel retailing companies, Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had frozen petrol and diesel prices since March 16, anticipating the government move and will now set off gains they accrued from the continuing drop in international oil prices against the excise duty hike.ICICI Securities said the excise duty hike would mean a plunge in gross auto fuel marketing margin by 64 per cent (Rs 12.1 a litre) from Rs 19 on May 5 to Rs 6.9 on May 6.Emkay Global said oil marketing companies (OMC) have continued to pass on numerous VAT rate hikes implemented on petrol and diesel by states, but as gross margins touched a high of over Rs 18/20 on Tuesday, the excise hikes are most likely to be absorbed."The overall price freeze has now crossed 45 days. OMC officials have stated unrealistic global prices to be the reason behind this, but looking at the 60 per cent estimated drop in auto-fuel consumption, the 6-7x jump in marketing margin from normative rate implies more than making up for the volume hit," it said.Officials said normally retail prices would have changed with any revision in taxes but like March 14, there is no change as the excise duty hike is being adjusted against the gains consumers should have got from Brent crude oil dipping to about USD 18 per barrel - the lowest since 1999.Commenting on the excise duty hike, Vikas Halan, Senior Vice President, Corporate Finance, Moody's Investors Service, said: "Government of India's increase in petrol and diesel taxes by USD 21/barrel and USD 27/ barrel respectively will result in government's tax collection increasing by about USD 21 billion if the tax hike is maintained for the full year."This reinforces the importance of oil marketing companies to the government of India and validates the support incorporated in our credit assessment of these companies. The tax hike could result in higher working capital outflow for the oil marketing companies, which will partly offset the working capital savings from lower inventory costs."According to a notification issued by the Central Board of Indirect Taxes and Customs, special additional excise duty on petrol has been hiked by Rs 2 per litre and road cess has been hiked by Rs 8 a litre. In case of diesel, special additional excise duty has been hiked by Rs 5 per litre and road cess has been raised by Rs 8 a litre.With this, the total incidence of excise duty on petrol has risen to Rs 32.98 per litre and that on diesel to Rs 31.83.Petrol costs Rs 71.26 a litre in Delhi and a litre of diesel comes for Rs 69.39.Central excise duty makes up for 46 per cent of petrol and diesel price now. After considering local sales tax or VAT, the total tax incidence in the price is as high as 60 per cent.The excise tax on petrol was Rs 9.48 per litre when the Narendra Modi government took office in 2014 and that on diesel was Rs 3.56 a litre.The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices.In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop up more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.It cut excise duty by Rs 2 in October 2017 and by Rs 1.50 a year later. But, it raised excise duty by Rs 2 per litre in July 2019.It again raised excise duty on March 14 by Rs 3 per litre.Government sources said the Centre has taken this step of increasing duty to raise some revenue in view of a tight fiscal situation. This would help in generating the resources to meet the expense of coronavirus fight as well as meet other spending needs such as on infrastructure. ANZ BAL

Central govt to get Rs 1.6 lakh cr from record excise duty hike on petrol, diesel

MUMBAI: The markets are on a roll, with the <keyword id="6484188" type="CITY" weightage="20" keywordseo="Sensex">Sensex</keyword> and Nifty making fresh life highs, led by gains in banks, auto and energy counters. 
 
The new life high for Sensex is 26,356.24; and that for Nifty is 7,865.85. 
 
The Nifty extended its winning streak for fifth consecutive session and hit an all-time high as FIIs continued to pump in dollars in Indian markets on expectations of pick-up in economy 
 
Sudip Bandyopadhyay, President, Destimoney Securities, is of the view that the market will continue to move upwards. 
 
“A lot of FIIs money is coming out of Russia into Indian markets through BRICS fund. Domestic investors are also entering the market and that is providing support,” said Bandyopadhyay. 
 
At 2:02 p.m.; the 50-share index was at 7,860.95, up 69.25 points or 0.89 per cent. It touched an all-time high of 7,865.85 and a low of 7,779.20 in trade today. 
 The S&amp;P <keyword id="35140" type="CITY" weightage="20" keywordseo="BSE">BSE</keyword> Sensex was at 26,340.82, up 237.59 points or 0.91 per cent. It touched an all-time high of 26,356.24 and a low of 26,075.28 in trade today. 
 
Sandeep Tandon of Quant Broking is of the view that market went through consolidation in the last three months. It is light at the moment and looks set for next leg of upmove. 
 
The CNX Midcap Index rallied 1.27 per cent and the CNX Smallcap Index surged 2.10 per cent. 
 
Among the sectoral indices, the CNX Bank Nifty was up 1.49 per cent, the CNX Auto Index gained 1.02 per cent, the CNX Energy Index rose 1.42 per cent. 
 
The CNX FMCG Index was down 0.75 per cent and the CNX IT Index slipped 0.51 per cent. 
 BPCL (up 5.25 per cent), <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword> (up 3.11 per cent), <keyword id="45008" type="CITY" weightage="20" keywordseo="Tata-Power">Tata Power</keyword> (up 3.04 per cent), BHEL (up 2.91 per cent) and Tata Motors (up 2.87 per cent) were among the major Nifty gainers. 
 
ITC (1.92 per cent), Infosys (1.01 per cent), HCL Tech (0.80 per cent), HDFC (0.70 per cent) and TCS (0.68 per cent) were among the index losers. 
 
The market breadth was positive on the NSE with 1090 gainers against 425 losers. 
 
Foreign institutional investors were net buyers worth Rs 625.18 crore and domestic institutional investors were net buyers worth Rs 135.75 crore on Thursday as per the provisional data from the National Stock Exchange. 
 
D-Street highlights @ 2 pm 
 
Cairn India: Plan pipeline to connect field to Gujarat gas grid 
 
Cairn India: Sees significant gas volume potential in Rajasthan 
 
Cairn India: Raageshwari deep field may hold 1-3 TCF gas 
 
ET NOW ALERT: Top Gainer On CNX Small Cap Index Alok Inds Price:12.3 Change: +1.35 Percent Change: +12.33% 
 
ET NOW ALERT: Up For 2nd Day CNX SMALL CAP Price:4979.95 Change: +118.3 Percent Change: +2.43% 
 
ET NOW ALERT: Top Gainer On CNX 200 Index AIA Engineering Price:844 Change: +56.6 Percent Change: +7.19% 
 
Sources Say: JSW Energy in talks to buy Bina, Nigrie power assets of JP Power 
 
Sources Say: JSW Energy says: Continue to evaluate opportunities 
 
Sources Say: Bina Power Plant's EV is pegged at around Rs 3,500 cr 
 
Sources Say: Alert: JP's Nigrie Thermal Power project to have capacity of 1,320 MW 
 
ET NOW ALERT: All 12 lenders in Bank Nifty post gains
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Tata Motors To ET NOW: Plan to increase exports by 25% over the next 3 years 
 
Tata Motors To ET NOW: Co to launch 25 new commercial vehicles in FY15 
 
Tata Motors To ET NOW: Will spend Rs 1,200-1,500 cr this fiscal on new product development 
 
Tata Motors To ET NOW: Expect FY15 M&amp;HCV sales to be 10% higher than last fiscal 
 Adrian Mowat: <keyword id="16898" type="PERSON" weightage="20" keywordseo="Spike">Spike</keyword> in crude oil prices can derail India's growth story 
 
ET NOW ALERT: Hits Fresh Record High SENSEX Price:26297.42 Change: +194.19 Percent Change: +.74% 
 
Adrian Mowat: Underweight on consumer staples, defensive stocks 
 
Adrian Mowat: India's divestment programme has potential to take mkt higher 
 
@ 1 pm 
 
Quant Broking: Bullish on IT stocks on good US economic recovery 
 
Quant Broking: Not optimistic on auto stocks currently 
 
Quant Broking: Positive on mid-cap pharma, cement stocks 
 
Quant Broking: Bullish on pharma, cement, IT banks, PSU oil &amp; gas stocks 
 
Quant Broking: Market is poised for next leg of the bull rally 
 
ET NOW ALERT: Hits Fresh Record High NIFTY Price:7840.3 Change: +48.6 Percent Change: +.62% 
 
JUST NOW: Harsh Mariwala raises stake in Marico Kaya to 2.21% from 1.94% 
 
Atlanta: Signed an agreement with Gujarat Govt to set up entertainment city 
 Fin Min Sources: Alert: In 2008, UTI AMC deferred <keyword id="6354763" type="EVENT" weightage="20" keywordseo="IPO">IPO</keyword> plans 
 
Fin Min Sources: Alert: SBI, BoB,PNB,LIC currently hold 74% stake in UTI AMC 
 
Fin Min Sources: SBI, BoB, PNB to seek board approval to cut stake in UTI AMC 
 
Fin Min Sources: Government looking to list UTI AMC 
 
@ 12 pm 
 
Edelweiss Financial: Q1 IIP growth has been at 4%, indicating a sharp pick up 
 
Edelweiss Financial: Expect exports to grow at 7-8% on a monthly basis 
 
Edelweiss Financial: Need to monitor export demand from US, Europe &amp; Japan 
 
Edelweiss Financial: Trade deficit is not a concern at current juncture 
 
Edelweiss Financial: Agri output remains weak due to delayed monsoon 
 
Edelweiss Financial: Lower crude oil prices will help inflation to cool off as well 
 
Edelweiss Financial: Crude oil prices correcting is positive for twin deficits 
 
Mythili Bhusnurmath: IEA has stated oil consumption may be lower than last year 
 
Mythili Bhusnurmath: Most economic data is within consensus estimates 
 
Mythili Bhusnurmath: Economic data in Q1 has not been disappointing 
 
Mythili Bhusnurmath: Expect EXIM policy to be announced by end of the month 
 
Reliance Comm: Expect to bring down debt by another Rs 10,000 cr 
 
Reliance Comm: Net debt to EBITDA ratio to be below 2.5-3 levels 
 
Reliance Comm: Thrust on CDMA biz has helped achieve a turnaround 
 
Reliance Comm: Had a healthy revenue growth of Rs 4,571 cr, up 2% QoQ 
 
Reliance Comm: Net debt on books at Rs 35,500 cr from Rs 40,000 cr previously 
 
Reliance Comm: Raised Rs 6,100 cr in Q1 via QIP; Promoters invested Rs 1,300 cr 
 
@ 11 am 
 
Meghmani Organics: Have completed investments in capex for FY15 
 
Meghmani Organics: Aim to grow by 25% in topline &amp; bottomline in FY16 
 
Meghmani Organics: PAT likely to be around Rs 55 cr in FY15 
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Meghmani Organics: Expect a topline of Rs 1,550 cr &amp; EBITDA of Rs 250 cr for FY15 
 
Meghmani Organics: Target a business of Rs 600 cr for agro chemicals segment 
 
ET NOW ALERT: 1.21 Lk Shares Trade In A Block Axis Bank Price:382.7 Change: +4.9 Percent Change: +1.3% 
 <keyword id="6358584" type="CITY" weightage="20" keywordseo="HSBC">HSBC</keyword> AMC: Constructive on select financial stocks 
 
HSBC AMC: NPAs for banks will remain a overhang till economy recovers 
 
HSBC AMC: Expect a real change in economy only by 2015 
 
ET NOW ALERT: 50,000 Shares Trade In A Block Ambuja Cem Price:214.85 Change: +3.95 Percent Change: +1.87% 
 
HSBC AMC: Recommend being invested in quality stocks 
 
HSBC AMC: Will remain selectively invested in consumer stocks 
 
HSBC AMC: Oil &amp; gas stocks will move up if under-recoveries continue to fall 
 
HSBC AMC: Upside in auto stocks seem to be overstated 
 
HSBC AMC: Will adopt a wait &amp; watch strategy on oil &amp; gas stocks 
 
RCF Says: Need to look for overseas JVs for phospahtic fertiliser 
 
RCF Says: Govt is looking at restarting urea plants which have shutdown 
 
RCF Says: Gas availability &amp; pricing issues need to be sorted for fert sector 
 
@ 10 am 
 
Reliance Capital: Waiting for all bank licence guidelines before applying 
 
Reliance Capital: Expect profit growth of 15% to continue for AMC biz 
 
Reliance Capital: Commercial finance loans have grown by 10-11% on YoY basis 
 Reliance Capital: Premium growth in general <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> at 11% in Q1 
 
Adi Godrej: Govt's reforms need to be implemented quickly 
 
Adi Godrej: Hope GST is implemented by April 2015 
 
Adi Godrej: PM Modi's August 15 speech will have an impact 
 
Dimensions Consulting: Have been building position in Reliance Infra 
 
Dimensions Consulting: Jubilant Foods is an expensive stock at current levels 
 
Dimensions Consulting: Prefer Indian Oil &amp; BPCL to ONGC 
 
Dimensions Consulting: Remain bullish on Pharma, FMCG, IT sectors 
 
Dimensions Consulting: Will focus on quality stocks which aren't highly leveraged 
 
ICICI Direct: Prefer TCS to Infosys at current juncture 
 
United Bank: Bank consolidation will be positive for the sector 
 
ICICI Direct: New management of Infosys will be positive for stock 
 
United Bank: Bhushan Steel remains a standard account 
 
United Bank: Bankers to meet on Bhushan Steel loans today 
 
United Bank: Set a target of Rs 1,200-1,300 cr for recovering bad loans 
 
ET Now spoke to various experts and here's what they have to recommend for today's trade: 
 
Ashwani Gujral of ashwanigujral.com 
 
Yes Bank Ltd is a 'BUY' call with a target of Rs 575 and a stop loss of Rs 540 
 
Bharat Forge Ltd is a 'BUY' call with a target of Rs 790 and a stop loss of Rs 766 
 
IndusInd Bank Ltd is a 'BUY' call with a target of Rs 575 and a stop loss of Rs 540 
 
RIL Ltd is a 'BUY' call with a target of Rs 1040 and a stop loss of Rs 990
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Sandeep Wagle, Founder &amp; CEO, Power My Wealth 
 
Yes Bank Ltd is a 'BUY' call with a target of Rs 575 and a stop loss of Rs 544 
 
BPCL is a 'BUY' call with a target of Rs 688 and a stop loss of Rs 623 
 
AIA Engineering Ltd is a 'BUY' call with a target of Rs 910 and a stop loss of Rs 826 
 
Tata Motors Ltd is a 'BUY' call with a target of Rs 528 and a stop loss of Rs 480 
 
Prakash Gaba, CFT, prakashgaba.com 
 
HDFC Bank Ltd is a 'BUY' call with a target of Rs 845 and a stop loss of Rs 825 
 
Tata Motors DVR is a 'BUY' call with a target of Rs 370 and a stop loss of Rs 345 
 
ZEE Entertainment Ltd is a 'BUY' call with a target of Rs 285 and a stop loss of Rs 273 
 
Abhishek Karande, CMT, Technical Analyst - Institution Research, SBICAP Securities 
 M&amp;M <keyword id="6354241" type="COMPANY" weightage="20" keywordseo="Financial-Services">Financial Services</keyword> Ltd is a 'BUY' call with a target of Rs 300 and a stop loss of Rs 248 
 
HPCL is a 'BUY' call with a target of Rs 465 and a stop loss of Rs 409 
 
UltraTech Cements Ltd is a 'BUY' call with a target of Rs 2850 and a stop loss of Rs 2610 
 
Mayank Mehta, Derivative Analyst, KIFS Securities 
 
IndusInd Bank Ltd is a 'BUY' call with a target of Rs 575 and a stop loss of Rs 525 
 
Hero MotoCorp Ltd is a 'SELL' call with a target of Rs 2450 and a stop loss of Rs 2600 
 
Lupin Ltd is a 'BUY' call with a target of Rs 1225 and a stop loss of Rs 1150 
 
A K Prabhakar, Independent Market Expert 
 
L&amp;T Ltd is a 'BUY' call with a target of Rs 1600 and a stop loss of Rs 1480 
 
Yes Bank Ltd is a 'BUY' call with a target of Rs 610 and a stop loss of Rs 538 
 
Rallis India Ltd is a 'BUY' call with a target of Rs 254 and a stop loss of Rs 214 
 
(Views and recommendations expressed in this section are the analysts' own and do not represent those of EconomicTimes.com. Please consult your financial advisor before taking any position in the stocks mentioned.)

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