Oil and Natural Gas Corporation spurted 5.69% to Rs 260 after a foreign broker reaffirmed its "buy" rating, setting a Rs 375 target price.
The broker cited minimal earnings impact from recent stock correction, positive earnings outlook, and expected production growth in the KG basin.Maharatna PSU Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of September 2024.
The company reported 17.05% increase in standalone net profit to Rs 11,984.02 crore in Q2 FY25 as compared with Rs 10,238.10 crore in Q2 FY24. However, revenue from operations declined 3.6% YoY to Rs 33,880.88 crore in the quarter ended 30 September 2024.
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