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Credit Suisse upgrades Bharat Petroleum Corporation Ltd (BPCL) shares by two notches to "outperform" citing attractive valuations.
The investment bank says current share price reflects export parity pricing implementation, which should provide a floor to valuations.
"Oil marketing companies can have upside to retail price increases, commodity correction, a milder export-parity-pricing outcome and potential policy clarity," it says in a report on Wednesday.
Credit Suisse also upgrades Hindustan Petroleum Corporation Ltd (HPCL) to "neutral" from "underperform"
BPCL shares are down 3.65 per cent while HPCL falls 3.23 per cent in a nearly flat market.