Deutsche Bank raises India's HPCL on valuations

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Reuters: Mar 11 2013, 14:04 IST

* Deutsche Bank upgrades India's Hindustan Petroleum Corp Ltd to "hold" from "sell," saying the stock is "fairly" valued after underperforming against the broader BSE index over the past six months.

* The bank says HPCL is trading at 0.75 time of its expected book value for FY14 versus a range of 0.6-1.4 times over the past three years.

* Deutsche says it may turn more positive on the stock in the event of a significant fall in oil price.

* HPCL shares were down 0.5 per cent as of 5.41 am GMT.

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