Sukhani told CNBC-TV18, "In ONGC the original targets were Rs 280. It's already at Rs 277 which is at Rs 280 broadly. Again in a choppy market some stocks go up. ONGC now gives the impression that it's willing to cross Rs 280 and take a trip towards maybe even Rs 300."
He further added, "It's a relatively low-beta stock. There is an element of risk less trade here. So it is a buying opportunity for today and maybe people will switch from Reliance to ONGC, it's quite possible."
The company's trailing 12-month (TTM) EPS was at Rs 22.12 per share. (Sep, 2011). The stock's price-to-earnings (P/E) ratio was 12.37. The latest book value of the company is Rs 113.97 per share. At current value, the price-to-book value of the company was 2.4. The dividend yield of the company was 6.39%.
Disclosure: I have no personal holding in the above stock.
