GAIL likely to see some weakness, says SP Tulsian

Tulsian told CNBC-TV18, “GAIL, if you really see the upstream companies those who have been sharing the subsidy or maybe the under-recovery of oil market companies have not been ruling weak. Infact we have been seeing profit booking happening in oil marketing companies (OMCs) so you need to place the GAIL with the Oil and Natural Gas Corporation ( ONGC ) and Oil India kind of stocks, which are either firm or are showing upmove and even if you go by the Q3 numbers having posted by GAIL that has been quite good.”

He further added, “The only concern has been drop in the gas volume, but that is the macro factor, not within the control of the company. So overall, I don’t see any reason for the stock to correct. I have been keeping my positive view on the stock. But maybe the near-term weakness is seen post the good numbers having posted by the company.”