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ICICI Securities Report
ICICI Securities believes the recent correction across its oil and gas coverage universe has pushed valuations into a more comfortable zone, improving the long‑term risk‑reward setup for the sector. According to the brokerage, key names such as oil marketing companies, city gas distributors (Mahanagar Gas Ltd. and Indraprastha Gas Ltd.) and Reliance Industries Ltd. continue to hold strong long‑term prospects.
However, in the current market environment, ONGC and Oil India have emerged as the standout tactical opportunities.
The brokerage notes that the $15/bbl+ swing in Brent crude prices is a direct and powerful earnings catalyst for both upstream companies. With their profitability closely linked to crude price movement, the sharp rise in brent significantly boosts near‑term earnings visibility for ONGC and Oil India, placing them at a clear advantage over other energy names.
ICICI Securities has kept its ratings unchanged across the oil and gas basket for now, but highlights that tactical strength lies firmly with ONGC and Oil India in the near term. The rest of the sector—OMCs, CGDs and refiners—may continue to face relative pressure until the broader environment stabilises.
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