Shares in Petroleum Major, HPCL rallied after Citi upgraded the stock. The Brokerage Firm upgraded the stock to buy from neutral increasing the price target to Rs 713.
HPCL has been gaining ground ever since an oil price slump began. Brent Crude has touched a three week low, while fuel petrol and diesel prices have fallen to multi-lows in India.
HPCL is among the major oil refiners in India along with BPCL and Indian Oil. Falling crude prices are expected to boost margins at the company and help sustain the share price.