Buy ONGC or Oil India at this point of time: Deepesh Pandey

Deepesh Pandey, Co-Head, Investments, IIFL Capital in an interview with ET Now talks about oil marketing companies and oil related stocks.

Would you look at buying HPCL, BPCL, IOC, now that crude prices have corrected?

Yes, these companies on a longer term basis offer good value and also on the premise that there is definite plan towards subsidy reduction by virtue of various schemes including Aadhaar and restricting the number of LPG cylinders and all that. For short term these stocks remain highly vulnerable to crude oil movement. I would much more prefer upstream companies like ONGC or Oil India versus oil marketing companies at this point of time.