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 percent of its value since it touched a record high of 16,727.41 in November last year. Read More
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