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Axis Capital names Gujarat Gas, HPCL and Oil India as top oil-and-gas picks

Axis Capital has made India’s city gas distribution (CGD) segment its preferred theme within the oil and gas space, highlighting Gujarat Gas, HPCL and Oil India as key picks. The brokerage said lower crude prices should support marketing margins, while a normalisation in LNG supply could aid Petronet LNG. It expects crude to average $85 per barrel in FY27 before easing over the longer term to $70, reflecting an upbeat view on demand recovery across midstream and downstream along with energy infrastructure investment.
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