BNP Paribas downgrades ONGC to 'hold'
MUMBAI (Reuters) - BNP Paribas downgraded Oil and Natural Gas Corp Ltd(ONGC.NS) to "hold" from "buy", saying the recent rally in share prices already factored in the prospect of an increase in diesel prices.
India last month allowed state fuel retailers to gradually raise the price of diesel.
BNP Paribas said it preferred Bharat Petroleum Corp Ltd (BPCL.NS) as a play on potential diesel price hikes.
(Reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)
- Tweet this
- Share this
- Digg this
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Indian firms tool up for defence orders on Modi's 'buy India' pledge
- Murder, revenge, lust and rampage take over 'Sin City' sequel |
- Champions Man City host title pretenders Liverpool
- Cabinet approves $1.4 bln new metro rail project
Finance Minister Arun Jaitley said on Thursday that the government was working to tighten up risk management in the banking sector, responding to recent scandals that have raised doubts about lending practices at state banks. Full Article