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 54-65% of total domestic oil production in FY11-22 • ONGC s also a play on the refining sector via its subsidiaries.
We retain our HOLD rating on the stock. We value ONGC at Rs 155 i.e. Rs 127 for core oil & gas business and Rs 28 for subsidiaries and other investments.