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Feb 12, 2013, 03.16 PM IST
State-owned oil & gas producer ONGC gained more than 3 percent intraday on Tuesday after better-than-expected numbers in the third quarter of financial year 2012-13.
December quarter net profit fell by 17.5% , year-on-year to Rs 5,562.7 crore on lower realisation and subsidy burden. Meanwhile, net sales grew by 15.8% to Rs 20,987 crore, YoY on improved demand for crude oil and natural gas
Analysts on an average were expecting net profit to be Rs 5,340 crore on net sales of Rs 19,355 crore.
After quarterly earnings, the research firm Jeferries recommended a buy rating on the stock with a target price of Rs 360. "The worst case for ONGC has now shifted to a flat absolute subsidy burden in FY14-15, while the best case is of a significant reduction in subsidies and gas price hike," Jeferries explained.
Another research firm Barclays maintained equalweight rating on the stock with a target price of Rs 350 a share.
At 11:20 hours IST, shares rose 2.46 percent to Rs 316 on Bombay Stock Exchange.
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