The PSU vs Private Debate is Immaterial. Lets come to Brasstacks.
In the Oil and Gas Sector, You have RIL, then PSU Refiners, OIL and ONGC. Add GAIL to the list. I am not adding downstream gas and converter companies. Its relatively small list.
RIL: Do you even know what you are buying, where is cash flowing or whether cash will ever come out. Great Great Company for Indian Forex and for the promoters. As a shareholder you are SOL(shit out of luck).
PSU refiners: You are GOI bharose on weekly basis. No semblance of profit motive and never possible as we are a poor country and price increase means you have governments falling,\
ONGC and OIL: Tempted, Sorely Tempted but just looking at the execution on the ground of ONGC in KG basin(delay of a decade) and OIL in Assam have put it in too difficult to predict pile.
GAIL and Petronet: I have GAIL, same issues as other PSU with gaps in Imported Gas Pricing and Transfer Pricing. Only solace was buying it cheap. Second is Gas Transmission revenue provides a decent base. And third is increase in CNG/PNG use across cities where it was not prevelant before.
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