HPCL, BPCL top picks in OMC space: Edelweiss
"There is a buildup and I had suggested HPCL about four or five months back closer to this Rs 170 levels," Baliga said.
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In a chat with ET Now, Ambareesh Baliga, Managing Partner-Global Wealth Management, Edelweiss Financial Services, shares his view on oil and gas space. Excerpt:
ET Now: The OMCs rallied on Tuesday’s session. Is there is a tactical shift there, more buildup of positions and interest ahead of elections?
Ambareesh Baliga: There is a buildup and I had suggested HPCL about four or five months back closer to this Rs 170 levels. I continue suggesting a buy in that. We see a further move of at least about 10-12% further from here so HPCL is a buy.
ET Now: What about BPCL and IOC?
Ambareesh Baliga: HPCL is the first pick in the OMC space and beyond that, it will be BPCL. IOC, for the time being, will be ignored.
ET Now: The OMCs rallied on Tuesday’s session. Is there is a tactical shift there, more buildup of positions and interest ahead of elections?
Ambareesh Baliga: There is a buildup and I had suggested HPCL about four or five months back closer to this Rs 170 levels. I continue suggesting a buy in that. We see a further move of at least about 10-12% further from here so HPCL is a buy.
ET Now: What about BPCL and IOC?
Ambareesh Baliga: HPCL is the first pick in the OMC space and beyond that, it will be BPCL. IOC, for the time being, will be ignored.
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