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Hold Oil and Natural Gas Corporation; target of Rs 150: ICICI Direct

ICICI Direct recommended hold rating on Oil and Natural Gas Corporation with a target price of Rs 150 in its research report date August 17, 2022.

August 18, 2022 / 06:24 PM IST
 
 
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ICICI Direct's research report on Oil and Natural Gas Corporation


Oil & Natural Gas Corporation (ONGC) is primarily engaged in exploration, development and production of crude oil and natural gas. ONGC’s crude oil production has been in the range of 54-63% of total domestic oil production in FY11-21 • ONGC also has a play on refining sector via its subsidiaries.



Outlook


We change our rating on the stock from BUY to HOLD. We value ONGC at Rs 150 i.e. Rs 120 for core oil & gas business and Rs 30 for subsidiaries and other investments.

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Oil & Natural Gas Corporation - 170822 - ic

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first published: Aug 18, 2022 06:24 pm
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