July 15 (Reuters) – Goldman Sachs said on Thursday it had downgraded Indian refiner Hindustan Petroleum Corp (HPCL.BO) to “neutral” from “buy”.
“Following a sharp rally in the state-owned oil stocks after commencement of fuel pricing reforms, we find the risk-reward for our conviction ideas less compelling than before,” it said in a note.
Goldman also removed Bharat Petroleum Corp (BPCL.BO), and Oil & Natural Gas Corp (ONGC.BO) from its conviction list, but retained a “buy” on these stocks. (Reporting by Ami Shah)
