Prefer Reliance Industries over ONGC, Oil India: Irani

Jun 29, 2013, 02.19 PM IST

Mehraboon Irani of Nirmal Bang Securities says one may prefer Reliance Industries over Oil and Natural Gas Corporation (ONGC) and Oil India.

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Mehraboon Irani of Nirmal Bang Securities says one may prefer Reliance Industries over Oil and Natural Gas Corporation (ONGC) and Oil India.

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Prefer Reliance Industries over ONGC, Oil India: Irani

Mehraboon Irani of Nirmal Bang Securities says one may prefer Reliance Industries over Oil and Natural Gas Corporation (ONGC) and Oil India.

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Mehraboon Irani of Nirmal Bang Securities told CNBC-TV18, " Reliance Industries is our top pick. We prefer Reliance to the public sector companies. The finance minister P Chidambaram had clearly mentioned that he will be considering to provide some sort of benefits for the power companies and fertiliser companies."

He further added, "It is very positive for the entire oil sector, but a subsidy sharing burden for the public sector companies is a big question mark right now and that is why possibly both Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) reacted sharply from the highs that they touched on the morning."

He further said, "So for that simple reason we are preferring Reliance Industries. The announcement of gas price hike and a review every quarter are sure indicators that Reliance will move the fastest on this trajectory, which has been created by the oil minister."

Bergaya Sehat