>CHENNAI PETROLEUM CORPORATION LIMITED (INDIA INFOLINE)

■ Revenues rise 13.6%, substantially below expectations on account of lower throughout.

■ GRMs were at US$4.3/bbl as against US$6.6/bbl in Q4 FY09 and US$3.4/bbl in Q3 FY10.

■ Sequential increase in GRMs was on account of higher spreads of gasoline and diesel.

■ With recovery in demand expected from CY10, GRMs could sustain at current levels.

■ We maintain our BUY with a revised target price of Rs309.

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