Dipen Sheth of HDFC Securities says there are two or three moving parts at ONGC which play out differently at different points of time depending on what is happening to oil prices globally.
Moneycontrol Boarder Ashish Ahuja wanted to know what is the upside potential for Oil and Natural Gas Corporation ( ONGC ).
Dipen Sheth of HDFC Securities says there are two or three moving parts at ONGC which play out differently at different points of time depending on what is happening to oil prices globally; depending on who is incharge in Delhi and what their outlook and what their style of running the government is.
"If diesel under-recoveries were to kind of vanish over a period of time and yes it will have cascading impact on inflation and hence an overall macro challenge but the direction has been set and the exiting government and the new government have both been very steady about gradually increasing the diesel prices. So, that just leaves you with kerosene and LPG and little bit of better management of those subsidies in terms of identifying and targeting those subsidies. So, you could bring down the volumes under subsidy coverage and therefore the entire amount that is going out as under recovery and hence the draw down that you would put on ONGC's upstream profits for participation in the under recovery. So, the residual profits to ONGC, the residual incremental profits to ONGC will completely go out of whack, you are still buying ONGC at 11x on F16 basis," explains Sheth.
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Interact with CNBC-TV18: Here's how HDFC Securities is playing ONGC
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