Ajay Bagga bullish on oil & gas space

Ajay Bagga, MD & Head of Private Wealth Management, Deutsche Bank India is bullish on oil and gas space.

Bagga told CNBC-TV18, "Oil and gas will benefit from the kind of policy pronouncements we have seen if this is followed through like diesel price hike for the next 12 months by Rs 0.50 per month. Our estimate is subsidy burden could go down from Rs 23000 to 25000 crore. So that will help the downstream oil companies."
He further added, "But overall we are bullish on oil and gas as beneficiaries of the government larges on the policy front or even some benefits flowing through. Oil and gas, banking, infrastructure, these sectors would benefit in the first two quarters in terms of government policy coming through strongly."