Ambit Institutional Equities has downgraded HPCL, BPCL and IOC to ‘Sell’, citing sustained high crude prices and limited government support. It sees Brent crude stabilising around $80 to $100 per barrel, pressuring OMC margins, while favouring upstream and gas companies as beneficiaries of elevated energy prices and macro shifts.
Originally published by The Economic Times https://economictimes.indiatimes.com/markets