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Aditya Birla Sun Life Insurance to bet on OMCs ahead of 2019 elections

Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp are among the top oil marketing companies in India

Reuters  |  Mumbai 

India's Aditya Birla Sun Life Insurance (ABSLI) plans to increase its holdings in oil marketing companies as crude prices come under pressure and valuations in the sector turn attractive ahead of general elections next year. "I think over the last five years we've seen a huge re-rating of these stocks and a very sharp correction as we approach the elections," Deven Sangoi, chief investment officer for equities at ABSLI, the life insurance arm of Aditya Birla Capital, told Reuters. The S&P BSE Oil and Gas index has lost more than 20 per cent of its value since it ...

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First Published: Wed, November 28 2018. 23:20 IST