Hold Reliance for the longer term: Gul Tekchandani

In a chat with ET Now, Gul Tekchandani, Investment Advisor, talks about oil marketing companies. Excerpts:

What would you say about the upstream companies, may be for that matter if you take even Reliance for that matter or an ONGC vis-à-vis these oil marketing companies?

I would definitely hold Reliance for the longer term, short term there is underperformance and overperformance. Right now everybody and his mother is betting negatively on Reliance, that's a time which the textbook version will always tell you buy the A line companies or the blue chips if you like in a time when they are not understood but in my mind I am clear that Reliance's size and the discoveries and the gas and the shale gas, which they have bought in the next 12 months to 24 months will start kicking in and they have got the prices virtually at the bottom, it is a good story to buy into and as the management is fairly aggressive, they will make sure that after everything settles down, the dust settles down and all the negativity, then once again the prices will move up.