Oil exploration a good space

CNBC-TV18’s Executive Editor, Udayan Mukherjee - The open offer for HOEC is in the price now. Rs 144 is the open offer price, mandatory too and don’t expect it to be revised upwards. The stock has already gone up to Rs 156 and that has pretty much played itself out.
 
Will the stock tank is the question but I doubt it. There might be some disappointment at the open offer price but I think the focus has come back to oil exploration as a space once again. We have seen the entire upstream and the oil explorations space doing well. Many stocks HOEC, Selan Exploration etc have all come off well from their lows. Some influential investors have bought into HOEC of late and I don’t think the stock will give up too much. But, ofcourse, it has been up 62% in the last one month, it has had a fantastic rally and so some profit booking can always happen but I would be surprised if it goes back to its old lows.
 
This is a good space, good businesses and any disappointment will be temporary in nature.