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You are here : Moneycontrol » News » MARKET OUTLOOK

Credit Suisse sees ONGC Q1 topline growth at $850 m

Published on Thu, Jul 24, 2008 at 12:24 , Updated at Thu, Jul 24, 2008 at 21:16
Source : CNBC-TV18

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By Sajeet Mangat, CNBC-TV18

 

Credit Suisse expects ONGC, or the Oil and Natural Gas Commission to see a gain of USD 20 per barrel in net realisations for Q1.

 

According Credit Suisse, the oil company is likely to see a Q1 topline growth of USD 850 million. However, they have maintained a neutral rating on the stock.

 

The upstream companies subsidy burden in Q1 is pegged at Rs 11,250 crore, out of which ONGC will share Rs 9,810 crore. This Q1 burden is in-line with the stated burden of Rs 45,000 crore in FY09. The oil major is likely to see additional realisation of USD 20 per barrel as against USD 50-55 per barrel in FY08 and this may have an impact on the earnings.

 

For the downstream companies the Petroleum Ministry has recommended oil bonds worth Rs 35,000 crore in Q1 FY09. The share of subsidy burden of the downstream companies in Q1 would be at Rs 5000 crore. However, the downstream companies are yet to be informed on the quantum of oil bonds.

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