Stock Picks: ONGC, Oil India among top picks for Motilal Oswal in upstream sector, Indian Oil among OMCs
Oil India have emerged as the top stock picks for domestic brokerage firm Motilal Oswal Financial Services. Along with the two state-owned oil producers, GAIL, Reliance Industries Limited (RIL) and Indian Oil Corporation (IOC) are also among the preferred oil and gas stock picks for the brokerage.
‘’We believe that the upstream sector is entering a multi-year upcycle after eight years of underinvestment, and it continues to be our preferred sector in the oil & gas space. We recommend ONGC and Oil India from this domain.
On P/OCF basis, ONGC and OINL are currently trading at their lowest level in the past eight years,'' said Motilal Oswal in its report. Motilal Oswal expects high oil crude prices ($ 80-100/barrel) to continue for much of CY24 due to resilient demand growth amid sufficient new supply but prone to delay.
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