Budget may tap oil windfall? JM Financial flags excise-duty risk for HPCL, BPCL, IOCL; backs Oil India, ONGC

January 8, 2026

JM Financial advises caution on oil marketing companies (OMCs) like HPCL, IOCL, and BPCL due to potential excise duty hikes in the upcoming budget. The brokerage reiterates buy ratings on upstream producers Oil India and ONGC, citing attractive valuations and medium-term production growth potential amidst subdued crude prices.

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