Buy Oil and Natural Gas Corporation, says Prayesh Jain

Prayesh Jain of IIFL told CNBC-TV18, "Crude prices have gained strength and back at USD 50 per barrel and kerosene hike is a sentiment booster rather than any material impact on the numbers for Oil and Natural Gas Corporation (ONGC). The government is also trying to reduce the burden in this kind of an environment. However, at current level, the stock is trading cheap at 8.8 times FY'18 earnings with a good dividend yield. So ONGC is a buy at current level."At 12:59 hrs Oil and Natural Gas Corporation was quoting at Rs 234.15, up Rs 9.80, or 4.37 percent. It has touched an intraday high of Rs 235.10 and an intraday low of Rs 229.95.