CLSA Downgrades ONGC to Underperform

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The recent run up in stock prices of both upstream and downstream companies in anticipation of steep hike in fuel prices has made these stock expensive which led to CLSA downgrading stocks like ONGC, IOC and HPCL.

ONGC has gained around 18% in past 20 days with an addition of 40,000 crores to its market cap which now stands at 2.62 lakh crores at the current market price of Rs 306. 

CLSA said the rally in these state-owned stocks on the back of hopes for a hike in fuel prices is overdone, given any sweeping changes to pricing would be hard to implement in a very busy political calendar in 2013.

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