Remain invested in HPCL, says Avinash Gorakshakar

Avinash Gorakshakar, Market Expert told CNBC-TV18, "Looking at a kind of weak trend in oil prices and I think the kind of gross refinery margins (GRMs) these companies have reported I think she should hold on to Hindustan Petroleum Corporation (HPCL). I think HPCL was down after reports that ONGC would take it over and it would be a combined entity. However, as of now nothing seems to be happening at least in the very near-term and I would suggest that if one can hold on for the next 6 to 12 months definitely HPCL looks quite well positioned both on the E&P side as well as the marketing side."

At 15:29 hrs Hindustan Petroleum Corporation was quoting at Rs 511.50, down Rs 8.60, or 1.65 percent on the BSE.