New Delhi, Oct. 2 -- Kotak Institutional Equities maintains a BUY on ONGC with a fair value of Rs.355 and a SELL on Oil India with a fair value of Rs.360. The brokerage raised its FY27 crude oil price assumption to $90 per barrel from $85, while retaining its FY28 and long-term assumptions at $75 per barrel. Kotak prefers ONGC over Oil India, citing a stronger medium-term production outlook, better realisations, rising contribution from new fields and relatively inexpensive valuations.

Kotak Institutional Equities said the West Asia conflict has resulted in one of the largest oil supply disruptions in recent history, with the disruption persisting for seven months and limited visibility on a return to normalcy. However, the brokerage not...