Prefer BHEL to ONGC in FPO: Alchemy Capital

Prefer BHEL to ONGC in the follow-on offer, says Hiren Ved, Director & CIO, Alchemy Capital Management.

Ved told CNBC-TV18, "On ONGC, we need clarity on what the subsidy sharing is going to be and I think that the valuation seems reasonable. I think that we need clarity on, there has been a lot of flip-flop which has happened in terms of subsidy sharing by upstream companies and that is what kind of unnerves investors when they invest in oil companies in follow-on-public offers (FPOs).