BPCL, Tata Motors lead upgrades race after Q3, Zomato, ABFRL downgraded

Oberoi Realty and ACC too see substantial increase in their earnings forecasts for the ongoing financial year

State-owned oil marketing company Bharat Petroleum Corporation (BPCL) and four-wheeler major Tata Motors have topped the FY23 earnings upgrade charts after the completion of December 2022 quarter earnings season (Q3FY23). Oberoi Realty and cement manufacturer ACC too have seen substantial increase in their earnings forecasts for the ongoing financial year.

“BPCL upgrade is driven by favourable macros in Q3FY23 leading to marketing profits despite stagnant retail fuel prices. Better-than-expected average selling price at Jaguar Land Rover and Ebitda for the domestic CV business as the industry shifts from demand push to pull mode drove Tata Motors upgrade,” said a note