India's BPCL gains on analysts' bullish view despite Q1 profit drop
** Shares of Bharat Petroleum Corp BPCL.NS up 3.3% at 313.90 rupees
** Refiner reported 71% drop in Q1 net profit but analysts say earnings weakness already factored in on account of narrowing discount on Russian crude
** BPCL offers healthy integrated margins compared to peers on superior refining margin capture, says Jefferies
** Co's refining margins above analysts' estimates, even though it declined sequentially
** While BPCL saw some market share loss to private players, Morgan Stanley analysts expect some reversal in upcoming quarters
** Avg rating on BPCL, peers HPCL HPCL.NS and IOC IOC.NS at "hold" - LSEG data
** BPCL's 39% YTD climb the highest, trailed by HPCL's 31% and IOC's 29.5% rise
Reporting by Kashish Tandon in Bengaluru
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