This is not the time to buy into OMCs: Deven Choksey

In a chat with ET Now, Deven Choksey, KR Choksey Securities, shares his views on OMCs.
ET Now: The OMC basket is the one which is really reeling under pressure on account of the weakness in the currency right now, is it time to sell into these names or would you use this opportunity to accumulate some of the stocks?

Deven Choksey: No, certainly not wanting to accumulate any of the PSU companies particularly because high level of policy, politics they continue to play with, this something which makes me uncomfortable at least on the investing side.

Yes, any stable government giving a commitment that they are not going to play around with the policy regime and they are going to allow this company to work on their own merits that would be the right time to buy into some of the PSU companies.

I would rather think that within the PSU AMC space if you want to buy BPCL could be a first choice more because of the upstream portfolio that they have now and that could possibly give better amount of performance subsequently. But otherwise ONGC and Oil India within the upstream space would be much better vis-à-vis the OMC, if one must buy PSU then in that case ONGC, Oil India would be a better choice according to me.