ICICIdirect has  recommended 'Buy' on Hindustan Petroleum Corporation  (HPCL)  with target price of Rs 448 in  its report.

HPCL reported its Q1FY15 numbers with revenues at Rs 592.15 billion due to lower cash compensation from the government.

 Commenting on the investment rationalale, ICICIdirect, said, ''The new government is yet to formalise a mechanism of regular compensation for OMCs, maintaining status quo mechanism of delayed cash payments. Any change in this could improve RoEs for all oil marketing companies.''
 
''We have a Buy recommendation on the stock with a target price of Rs 448,'' it said. 

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