Research house HSBC has maintained buy rating on Oil India with a potential upside of 33 percent. The firm raise target to Rs 270 from Rs 253 per share.
It also maintained buy on ONGC with a target of Rs 240. It sees potential upside of 43 percent.
The upside from higher oil is going to be offset by risks of higher costs and subsidy burden.
It feels that earnings should grow, driven by higher volumes and increasing gas. Also, trough valuations and attractive dividend yield still make risk-reward look, it added.