Hold Chennai Petroleum Corporation: Ashu Madan

Ashu Madan of Religare Securities told CNBC-TV18, "The news flow about the merger will keep Chennai Petroleum Corporation in focus. So, if you talk about the fundamentals, the improved gross refining margins (GRM) are basically because of the crude prices. So in short, I would say that the only current buzz is just because of the merger, it might take some time because they are waiting for a couple of approvals."

He further added, "For a long-time horizon, I do not see anything happening immediately, but if somebody is a long-term investor, it could turn out to be a little boring, but with a long-term view, at this price also, at current juncture, I would suggest one can hold this stock."