There will be profit in this PSU stock, this target is achieved for more than 30% return

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Veteran PSU Hindustan Petroleum has performed strongly in Q2. The stock has been rising continuously for two weeks. Despite this, the brokerage has advised to buy this PSU stock for returns of more than 30%.

PSU Stock: There is a tremendous rise of 8 percent in the shares of Maharatna company Hindustan Petroleum and this share has again crossed the level of Rs 300 (HPCL Share Price). This week the company released its Q2 results. In the information sent to the exchange, the company said that the company's revenue in the July-September quarter was Rs 102618 crore. In the first half of FY24, the company's consolidated net profit stood at Rs 12592 crore, which is an all-time high. The company had suffered a loss of Rs 11033 crore in the same half a year ago. The company's standalone net profit in Q2 stood at Rs 5118 crore.

 HPCL Q2 Result Highlights

Hindustan Petroleum's gross refining margin in Q2 stood at $13.33 per barrel. It was $8.41 per barrel in the same quarter a year ago. Gross refining margin in the first half of FY24 stood at $10.49 per barrel as against $12.62 per barrel in the same half a year ago.

 Record crude refining in Q2

 In Q2, the company processed all-time high crude oil and it stood at 5.75 million metric tons. A growth of 28 percent was recorded in refinery processing on an annual basis. Operating capacity stood at 111.6%. Visakhapatnam Refinery has started functioning with a capacity of 11 MMTPA. Mumbai and Visakhapatnam refineries did the highest refining process so far in Q2.

 HPCL Share Price Target

 Keeping all these factors in mind, ICICI Securities has advised to buy this stock and has given a target price of Rs 365, which is about 31 percent more. The brokerage has advised buying for the next 12-18 months. The brokerage believes that there will be a big change in Hindustan Petroleum in the next 3 years.

 HPCL Share Price History

 HPCL share is at the level of Rs 300. Its 52 week high of Rs 310 was made on July 26. This stock has been rising continuously since October 26. Meaning, this stock has been closing rapidly for two weeks continuously. This stock has risen by about 20 percent in a week, 16 percent in a month, 13 percent in three months and about 28 percent so far this year.