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Dec 14, 2017 09:46 AM IST | Source: Moneycontrol.com

Buy ONGC, target Rs 225; market concerns on HPCL deal overdone: CLSA

The firm sees USD 7.7 billion worst-case value leakage assuming HPCL’s acquisition is at 80 percent premium.

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The broking house CLSA has reiterate buy rating on Oil and Natural Gas Corporation (ONGC) with a target of Rs 225 per share.

According to CLSA the stock is already building worst case on HPCL acquisition, while the fears of overpaying in the pending HPCL acquisition have made the company underperform Oil India.

The firm sees USD 7.7 billion worst-case value leakage assuming HPCL’s acquisition is at 80 percent premium.

However, the market concerns are overdone on pending HPCL deal, it added.

Also ReadONGC seeks access to data room to fix HPCL acquisition price

The stock gained 15 percent in the last 3 months.

The share touched its 52-week high Rs 212 and 52-week low Rs 155.30 on 31 January, 2017 and 27 June, 2017, respectively.

Currently, it is trading 12.67 percent below its 52-week high and 19.22 percent above its 52-week low.

The company's trailing 12-month (TTM) EPS was at Rs 13.80 per share. (Sep, 2017). The stock's price-to-earnings (P/E) ratio was 13.42. The latest book value of the company is Rs 144.58 per share.

At 09:35 hrs Oil and Natural Gas Corporation was quoting at Rs 184.70, up Rs 0.95, or 0.52 percent on the BSE.

Posted by Rakesh Patil
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