Axis Direct recommended hold rating on ONGC with a target price of Rs 210 in its research report dated February 07, 2017.
Axis Direct's research report on ONGC
Management expects lifting costs to remain stable at these levels, albeit higher staff costs due to wage revision pose a risk. We hike FY18E EPS by 23% and TP to Rs 210 (Rs 167 earlier) to factor in higher crude (USD 60/bl vs. USD 50/bl) and weak FX rate (INR 69.3/USD vs. 67.3). Upgrade to HOLD.
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