Jagdish Malkani, Member NSE/ BSE feels ONGC is the better bet in oil space. Even Cairn India is a great buy at the moment, he adds.
Jagdish Malkani, Member NSE/ BSE told CNBC-TV18, “These three companies ( BPCL , HPCL and IOC ) stand out as among the most tragic companies of our whole large cap universe. There have been strong moves recently by the government and this diesel price increase has been politically very well handled. So, some of their woes are less, the subsidy burden is less, but whether you are going to have a dramatic change, I am not so sure.”
He further added, “Frankly I would prefer to play this whole oil game through Oil and Natural Gas Corporation ( ONGC ). That is the one that takes the subsidy hit for the woes of the oil marketing companies (OMCs). So, that is probably a better bet and then across the board Cairn India is the other one in this space which is looking like a great buy at the moment.”
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