February 14, 2017 / 4:12 AM / 8 months ago

BUZZ-India's HPCL shares post biggest drop in 2 months

** State-run Hindustan Petroleum Corp’s shares fall as much as 3.5 pct to 558.05 rupees, their biggest intraday pct drop since Dec. 15, 2016

** Company’s average gross refining margin (GRM) falls to $5.57 per barrel, in the nine months ended Dec. 31, from $6.35 per barrel a year earlier

** “While the low chance of any large inventory gain from the current crude price level may slow the earnings momentum, any slowdown in marketing volume growth may question its rich valuations,” CLSA analysts wrote in a note

** HPCL reported on Monday about 53 pct rise in Dec-qtr profit to 15.90 bln rupees ($237.5 million) on higher sales ($1 = 66.9500 Indian rupees)

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