Government has hiked the special additional excise duty and road & infra cess on petrol and diesel by Re1/ltr each in the Union Budget 2019-20, we expect Gross Marketing Margin (GMM) of OMCs to decline to Rs2-Rs3/ltr in short term, which will be further offset by the recent surge in GRMs. We continue to maintain our positive outlook on GAIL and PLNG, also we prefer downstream companies over upstream companies....