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.
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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