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Major fire at HPCL plant in Visakhapatnam, no casualties reported
Updated May 25, 2021, 8:24 pm IST
Five fire tenders were rushed to the spot immediately
Videos showed huge smoke rise from the plant. (Screengrab)
Visakhapatnam: A major fire broke out at the Hindustan Petroleum Corporation Limited plant in Andhra Pradesh s Visakhapatnam on Tuesday, but was doused later, the company said in a statement. A fire incident occurred in one of the crude processing units of HPCL’s Visakh Refinery at 3pm on 25th May 2021. Safety measures & firefighting was activated immediately. The fire has been extingushed. There is no casualty & no risk to Public. Other Refinery operations are normal, the statement added.
Explore Now
Prabhudas Lilladher has a buy call on Hindustan Petroleum Corporation (HPCL) with a target price of Rs 404. The current market price of
HPCL is Rs 282.85.
Hindustan Petroleum Corporation Ltd, incorporated in the year 1952, is a Large Cap company with a market cap of Rs 39946.32 Crore, operating in Gas & Petroleum sector.
Hindustan Petroleum Corporation Ltd s key Products/Revenue Segments include Refinery, Rent and Other Operating Revenue for the year ending 31-Mar-2019.
Investment Rationale
Prabhudas Lilladher tweaked its FY22/23E estimates for HPCL, as it incorporates actual FY21 numbers and share buyback. In FY21, core standalone EBIDTA adjusted for inventory and forex gains was at Rs71.2 billion (-30 per cent YoY), due to weak marketing and refining profits.