Need more reforms for oil & gas to gain: Gandhi

According to Jayesh Gandhi, Executive Director at Morgan Stanley, the government needs to stay on course on measures that will lead stocks higher from current levels.

Gandhi told CNBC-TV18, “We have been monitoring oil &gas space very closely. These stocks were at very attractive levels in December, considering the fact that the market had moved 15-20 percent while most of these stocks were flat or had not provided any returns. Investors will like to see if there is a follow-through in policy action which has been promised.”
“So while a 50 paise increase in diesel is welcome move, but the timeline for removing the entire subsidy burden is long. In my view a shorter timeframe was the need of an hour. Some initial positive reactions have taken place in stocks but we need the government to stay on course on measures to see meaningful gains in these stocks from current levels,” Gandhi added.