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Moneycontrol.com >> Message Board >> View Messages >> ONGC
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Bleeding ONGC better be avoided NOW (1)   05-Jul-08 10:24Tracked by (0)  
Posted by:   Sensexxx on ( 05-Jul-08 10:24 )
Price : BSE: Rs 876.30 ( 1.99 % ), NSE: Rs. 876.50 ( 1.99 % )
ONGC is better be avoided now, as it has become a tool in the hands of mkt speculators.

This can be evident from the fact, that it just went down to 760 level, but rising, when crude is going up only and Govt has announced that next price revision will only be considered after Oct 2008 (if Govt last that long!!)!
So invest or trade at own risk.

The imdt future of ONGC is bleak, one of the bleeding OIL PSUs in this high Crude scenerio (145 dollar/barrel).
REPOSTING a msg from ENAM:
Enam Securities has downgraded its rating on Oil and Natural Gas Corporation to sector underperformer with a target price of Rs 907 in its June 27, 2008 research report. 'We feel that in a deteriorating environment of high oil price (under recoveries pegged at Rs 2.1 tn for FY09) and limited capacity of OMCs to absorb higher burden, ONGC remains vulnerable to higher subsidy share.'

'We further expect that as it is unlikely that the Govt. will allow ONGC to have windfall profits in case the crude oil prices remain at USD 130/bbl+. This, along with limited production growth over last 4 years and rising operating costs pose a big threat to its earnings. We downgrade ONGC to sector Underperformer with a price target of Rs 907 per share,' says Enam's research report.

AND JUST TO THINK, that Oil prices have risen from 120 dollar to 146 dollar in the mean time,however ONGC is up.

bye
SENSEXXX

Some KNOWN Facts:

1. Anil Ambani has asked for SEBI enquiry on how the RELCOM shares fell to 52 week low (369) last week, just before he was about to come to a final negotiation with MTN.However he will not ask for a SEBI enquiry regarding how RELCOM reached 52 week high of 880 till the first day of his REL POWER listing and fell to 640 from the 2nd day of REL POWER subscription(when it already created history by overwhelming subscription in the first day itself)!!! You don't ask for manipulation which helps but for that which hurts you, and that is perfectly understandable. What is not acceptable is the common man is trapped in between and SEBI's inefficiency lies there.

2. Times of India on Friday morning report("Bears Troop in Again") suggested that: .."The mkt might see an UNEXPECTED BOUNCE BACK on FRIDAY, despite ALL NEGATIVE FACTORS, that's because Wall Street will remain SHUT on Friday for INDEPENDENCE Day. So in the absence of any negative news flow, SPECULATORS might take some LIBERTY and PUSH UP stock prices, mainly that of frontline stocks..."Well WHAT a Coincidence!!!

3. Same TOI report also states: ..."Mkt players had attributed most of Wednesday's rally to INDEX MANGEMENT and SHORT Covering and were therefore not surprised at Thursday's SLIDE"....

4. Inflation was UP, ASIA was Down, Europe was Down, and we made a stunning recovery just after the BAD NEWS of HIGH INFLATION numbers came in, what strange coincidence!!!

IF AT ALL SEBI ENQUIRY IS REQUIRED , THEN IT WILL BE REQUIRED TO UNEARTH THIS SCAMS, and it is very easy to find out, just track some common INDEX stocks like TATACOMN, NALCO, SUN PHARMA, GAIL, SIEMENS and see how they move, one very recent example, on 26 jun 08, last F n O Expiry day, in last 10 mins, POWER GRID moved from 91 to 97, pushing the Nifty past 4300, and the next day as soon as mkt opened it came back to 91, but it achieved its purpose of keeping the NIFTY Up to 4300, so all F &O puts of 4300 and below are gone.

There are more instances,but what I want to say is that mkt manipulators are there at large and we all know about it. It is better to accept and live with it.

Bye

SENSEXXX

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