Deutsche Bank raises HPCL on valuations

Deutsche Bank upgrades Hindustan Petroleum Corp Ltd to "hold" from "sell," saying the stock is "fairly" valued after underperforming against the Sensex 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% as of 11:35 a.m.