Shares of oil & natural gas major Bharat Petroleum Corporation (BPCL) shed over 2 percent intraday on Monday hitting a low of Rs 472 with research and broking firm Motilal Oswal maintaining a neutral stance while Morgan Stanley has maintained an overweight rating on the stock expecting an earnings turnaround on counter cyclical capacity growth and product quality upgrade.

Earnings of BPCL declined 60 percent QoQ due to one-off costs. While quarterly disclosure does not include refining inventory losses, taking cues from peers, estimating core EBITDA rising 30 percent QoQ. Reported GRMs of USD 4.9/bbl were in line with MSe. Assuming an inventory loss similar to HPCL's, core GRMs would have been at USD 7.6/bbl, up 25 percent QoQ. Morgan Stanley sees steady margin growth as its Kochi refinery (55 percent of total capacity) ramps up higher-margin products. Overall marketing volumes increased 5 percent with auto fuel growth at 14-15 percent, higher than industry growth of 12 percent, implying market share gains.

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