Oil and Natural Gas Corporation (ONGC), which has lost nearly a third of its market value this year, climbed 13 percent after Brent rose above $50 for the first time since March, as coronavirus vaccination rollouts kept hopes alive that demand for crude would build up next year.
Speaking in an interview to CNBC-TV18, Probal Sen of Centrum Broking said, “We have neutral rating on ONGC with a target prices of Rs 90-95 and it is approaching the price.”
“I would much rather look at oil marketing companies; to me they are much more attractive unless one is factoring in huge bump up in crude prices,” he said.
On stocks, Sen said, “We continue to remain more positive on the gas space – Gujarat Gas, GAIL, Petronet LG, HPCL and Reliance are the 5 names that we like. I can't put them in order because they are in different businesses, but talking about largecaps - Reliance and HPCL are the two names that I would look at.”
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Disclosure: Network 18, which publishes cnbctv18.com, is a part of the Reliance Group.