Prayesh Jain of IIFL told CNBC-TV18, "Subsidy sharing has been a big question mark on the oil sector for quite a long period. Definitely the sentiment does improve. We have a buy rating on Oil and Natural Gas Corporation (ONGC), Oil India (OIL), and we would maintain that. We have a target price of 375 on ONGC and Rs 640 on OIL."
"Earning estimates have gone up, but just to keep a tab on the subsidy sharing pattern, we are maintaining our target prices for now," he added. Also Read: ONGC sees annual profit up $1.3 bn on gas price hike
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