Budget may tap oil windfall? JM Financial flags excise-duty risk for HPCL, BPCL, IOCL; backs Oil India, ONGC
With the Union Budget 2026-27 just weeks away and Brent crude hovering near $60 a barrel, JM Financial is urging investors to pick their oil and gas bets carefully. The brokerage has reiterated buy ratings on Oil India and ONGC, while warning of fiscal risks for state-run oil marketing companies, maintaining a sell on HPCL…