Fri, Nov 09, 2012 at 08:49
Brokerage: Goldman Sachs
Rating: Rs 350
Rationale: While profits were below estimates on account of lower sales and realisations, the share price is already factoring in an unlikely worst case scenario of 45% upstream share in fy13. Even if the worst case is realized, ONGC's implied value of 308 would still be higher than the current share price.
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