See further upside in OMCs: Mirae Asset

One can see further upside in Oil Marketing Companies (OMCs), says Rahul Chadha, Mirae Asset Global Investments.

Chadha told CNBC-TV18, "There is a lot of value in the state-owned Oil Marketing Companies (OMCs). Our view on  the global commodity prices is that they would remain fairly benign, range bound.”
He further added., “If the government keeps on increasing the petrol and diesel prices as has been done in the last  couple of quarters it should be positive for these stocks, because these stocks are clearly under-owned and  undervalued and we can see further upsides in these names."
At 10:04 hrs Bharat Petroleum Corporation was quoting at Rs 372.70, up Rs 0.10, or 0.03%. It has touched an intraday  high of Rs 373.10 and an intraday low of Rs 368.25.
The share touched its 52-week high Rs 449 and 52-week low Rs 322.80 on 21 January, 2013 and 26 November,  2012, respectively. Currently, it is trading 16.99% below its 52-week high and 15.46% above its 52-week low. Market  capitalisation stands at Rs 26,949.35 crore.