Jal Irani, Oil and Gas Research of Macquarie Cap told CNBC-TV18, "Oil and Natural Gas Corporation (ONGC) barely trades at 7-8 times price-earnings ratio (PER). Its EV/EBITDA is about four times which is compelling valuations, dividend yield of 4 percent and its production is poised to turnaround from a mildly declining production to actually an increasing one especially in terms of gas. Besides it has also had a gas price doubling starting next year."
"For all those very fundamental reasons we believe that it is certainly worth looking at and in sharp contrast the stock has fallen more than 20 percent. So indeed there is a material opportunity in ONGC," he said.
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