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BNP Paribas downgrades ONGC to 'hold'
February 22, 2013 / 3:22 AM / 5 years ago

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.

A technician works inside the Oil and Natural Gas Corp (ONGC) group gathering station on the outskirts of Ahmedabad March 2, 2012. REUTERS/Amit Dave/Files

    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

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