BPCL a top pick in oil and gas space: Jal Irani

BPCL is a top pick in oil and gas space, says Jal Irani, MD- Oil & Gas Research, Macquarie Group.

Irani told CNBC-TV18, “What we saw during the 2008 fall in oil prices that during the one year period, which followed these oil marketing stocks doubled. So we have seen that the oil marketing stocks are pretty much begun to run at the moment but the rally in my opinion has just started. So we have got a long way to go before these stocks doubled.”
He further added, “By far HPCL is the best leveraged essentially as a counter cyclical to oil prices because it is more of a pure play. But having said that Bharat Petroleum Corporation Ltd (BPCL) is our top pick in the entire sector because not only does it have - not only it is a counter cyclical to oil prices falling but essentially it has also got a very significant additional businesses that it is growing within the energy space. So I would say, lot more to go, yes."