Buy HPCL, BPCL at current level: Nadkarni

Buy HPCL and BPCL at current levels, says Girish Nadkarni, Avendus Capital.

Nadkarni told CNBC-TV18, “The expectation from the oil and gas sector per se is fairly muted. I don’t think one will see too much of response in terms of the Q4 numbers adding too much cheer to the markets there.”
He further added, “The refining stocks, the refining margins are doing pretty well. Therefore stocks like HPCL and BPCL can be a good buy because one is that the valuations are very low right now and two is that in the speech by the RBI Governor we almost saw a hint of a pass through of the oil price hike so if that happens in terms of diesel and petrol price hikes coming in the next few days then you will have some momentum on those stocks so HP, BP at the current levels maybe good from the oil and gas sector.”