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    BPCL   INE029A01011

BHARAT PETROLEUM CORPORATION LIMITED

(BPCL)
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India's economic advisory council expects it to grow 7%-7.5% in 2022/23

11/18/2021 | 09:08am EST
FILE PHOTO: A worker walks past the logo of Reserve Bank of India inside its office in New Delhi

NEW DELHI (Reuters) - India's economic advisory council to Prime Minister Narendra Modi expects the country's growth to range between 7% and 7.5% in the next fiscal year and that the next budget should have a clear roadmap for privatising state-owned assets.

The government expects the economy to grow 10.5% in the current fiscal year following a record contraction of 7.3% last year. It is likely to announce next year's budget on Feb. 1. India's fiscal year starts on April 1 and runs through March.

"The contact intensive sectors and construction should recover in 2022/23. Once capacity utilization improves, private investments should also recover," the seven-member council said in a statement on Thursday after its first meeting following the addition of new members including Rakesh Mohan, a former deputy governor of Reserve Bank of India.

The other council member include J.P. Morgan's Chief India Economist Sajjid Chinoy, India Strategist for Credit Suisse Neelkanth Mishra, and managing director of Kotak Mahindra Asset Management Co. Ltd Nilesh Shah.

Recent indicators such as tax collection, export growth, retail sales and power demand point towards a better than expected recovery, leading some economists to revise India's growth projection upwards.

The council cautioned that India's 2022/23 budget should not have unrealistic revenue targets and that it should include plans to spend any extra revenue to build assets.

Last year, Finance Minister Nirmala Sitharaman announced a plan to privatise a slew of state-owned companies like refiner Bharat Petroleum Corp Ltd and Shipping Corp of India. Recently, it announced the sale of national carrier Air India to Tata group.

"There should also be a clear road-map for privatization and the growth orientation of last year's budget should also be maintained," the council said.

(Reporting by Aftab Ahmed and Manoj Kumar; Editing by Bernadette Baum)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHARAT PETROLEUM CORPORATION LIMITED -2.89% 381.7 Delayed Quote.1.97%
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Financials
Sales 2022 3 379 B 45 483 M 45 483 M
Net income 2022 91 728 M 1 235 M 1 235 M
Net Debt 2022 442 B 5 955 M 5 955 M
P/E ratio 2022 8,40x
Yield 2022 4,89%
Capitalization 828 B 11 141 M 11 145 M
EV / Sales 2022 0,38x
EV / Sales 2023 0,38x
Nbr of Employees 9 251
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Number of Analysts 32
Last Close Price 381,70 INR
Average target price 535,66 INR
Spread / Average Target 40,3%
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Managers and Directors
Arun Kumar Singh Chairman & Managing Director
Ramakrishna Gupta Vetsa CFO, Finance Director, Director & Head-Treasury
P. Anilkumar Executive Director-Information Systems
Ravikumar V. Chief General Manager-Research & Development
Chacko M. Jose Chief General Manager-Kochi Refinery Operations
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