Feb 27, 2013, 03.17 PM IST
Hold ONGC, says PN Vijay, Portfolio Manager, www.askpnvijay.com.
Hold ONGC, says PN Vijay, Portfolio Manager, www.askpnvijay.com .
Vijay told CNBC-TV18, "I would expect Oil and Natural Gas Corporation (ONGC) to move up probably beat the market a little bit and I would suggest that one should relook at the investment at about Rs 350 or so. It should go over that in a time horizon of about 12 months.”
He further added, “The reason for this optimism of mine is three-fold. One is if they increase the customs duty on crude, ONGC’s pricing to the oil marketing companies (OMCs) is based on import parity, so that will be a straight increment to the bottomline. Also, if government sticks to its subsidiary reduction schedule, ONGC’s big outflow on subsidies would come down and importantly ONGC has made massive investments more than any other company in India in overseas exploration and I expect many of those oil blocks to come in to fruition in FY14. So all these factors make ONGC one of the good, safe largecaps in the market and I recommend that one right now holds on and review around Rs 350 or so."
Action in Oil and Natural Gas Corporation
Video of the day
Dec 11 2013, 09:54
- in Business
Dec 4 2013, 11:08
- in FII View
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.